Prepaid expense - Study guides, Class notes & Summaries
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ACC 101 Midterm Review || All Answers Are Correct 100%.
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Closing Entries correct answers Dr. Revenue Cr. Expenses (Dr. RE if net loss, Cr. RE if net income) 
 
Dr. R.E Cr. Dividends 
 
debit correct answers "what you get" 
 
credit correct answers "how you get it/ what was used up" 
 
Adjusting Entries correct answers Revenue or Expense 
 
Dr. unearned revenue cr. sales revenue or dr. asset cr. sales revenue 
 
Dr. expense cr. assets, prepaid, supplies or dr. expense cr. liability 
 
Balance Sheet correct answers are permanent account or real acc...
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Accounting 211 exam 1 questions well answered graded A+
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Accounting 211 exam 1 questions well answered graded A+What is the proper closing entry for dividends? - correct answer *Debit retained earnings, credit dividends* 
 
Ken just started a business and made the following 3 inventory purchases in November: 
-Nov 1- 150 units @ $780 
-Nov 8- 200 units @ $1170 
-Nov 22- 200 units @ $1260 
A physical count of merchandise inventory on Nov 30 reveals that there are 150 units on hand. Using the average cost method, the amount allocated to ending inventory...
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Principles of Accounting Final Exam (2024) || All Questions & Solutions (100% Correct)
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Principles of Accounting Final Exam (2024) || All Questions & Solutions (100% Correct) 
Principles of Accounting Final Exam (2024) || All Questions & Solutions (100% Correct) 
 
The Matching principle in accounting requires the matching of: 
A: Revenue earned with the expenses incurred to produce revenue 
B: Revenue earned with the liabilities used to produce the revenue 
C: Revenue earned with the assets used to produce the revenue 
D: Revenue earned with the assets used less the liabilities i...
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SOLUTIONS MANUAL to accompany Fundamental Accounting Principles 17th Canadian Edition by Larson/Dieckmann/Harris
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Chapter 2 Analyzing and Recording 
Transactions 
Chapter Opening Critical Thinking Challenge Questions* 
Accounting information results in the ability to make effective day to day business decisions. 
Understanding cash flow and tracking revenue helps Tyler to invest in creating the right 
products to meet customer demands. It also helps Tyler to understand profitability and how to 
best invest her marketing dollars to sell the most profitable products. 
Knowledge Check-Up Questions 
1. a) 2. c)...
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Payroll Fundamentals 2 Exam Study Guide with Complete Solutions
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The accounting equation states: - Correct Answer Assets = Liabilities + Owners Equity 
 
Owner's Equity has two components: - Correct Answer Owner's Equity = Contributed Capital + Retained Earnings 
 
Contributed Capital - Correct Answer The amount of payments in cash or assets that the owners have made to the company 
 
The accounting equation can be expanded to: - Correct Answer Assets = Liabilties + Contributed Capital + Retained Earnings 
 
The 5 different accounts of a typical for-profit ...
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CSUF ACCT 201A (HOFFMAN) FINAL EXAM QUESTIONS AND CORRECT VERIFIED ANSWERS LATEST UPDATE
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Generally accepted accounting principles are: - ANS a set of standards and rules that are recognized as a general guide for financial reporting. 
 
Which is an advantage of corporations relative to partnerships and sole proprietorships? - ANS Reduced legal liability for investors. 
 
Kam Company has the following units and costs. 
Inventory, Jan. 1 8,000 $11 
Purchase, Jun. 19 13,000 $12 
Purchase, Nov. 8 5,000 $13 
If 9,000 units are on hand at December 31, what is the cost of the ending in...
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WGU C213 OA Accounting for Decision Makers Exam Questions and Verified Answers
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Which of the following is NOT true of the Financial Accounting 
Standards Board (FASB)? - It is a government agency 
THEY DO: 
It consists of seven full-time members 
It seeks consistency for its proposed standards 
It has no legal power to enforce the standards it sets 
Generally accepted accounting principles are - Developed by accounting 
rule makers 
The initials GAAP stand for - Generally Accepted Accounting Principles 
The current standard-setting board for accounting in the private sector...
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HBS CORE FINAL EXAM STUDY GUIDE TEST.
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HBS CORE FINAL EXAM STUDY GUIDE TEST. 
 
 
What Accounting Principle Does the Following Represent: 
 
Real Estate prices in Orderville have increased dramatically over the last five years. Although the land under Chad's office building is currently believed to be worth $500,000, it is recorded at $250,000 because that is the price he paid for it. - CORRECT ANSWER Historical Cost Principle 
 
What is the Accounting Equation? - CORRECT ANSWER Assets = Liabilities + Equity 
 
What Accounting Princ...
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AC 200 Exam 2 with complete verified solutions
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Defferral 
a revenue or an expense event that is recognized after cash has been exchanged 
 
 
 
prepaid items 
Deferred expenses (ex. prepaid insurance or prepaid rent) 
 
 
 
Revenue 
an increase in assets or a decrease in liabilities that a company obtains by providing customers with goods or servics 
 
 
 
cash discount 
Price reduction on merchandise sold offered by sellers to encourage prompt payment; when taken, represents a sales discount to the seller and a purchase discount to the buye...
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ACCOUNTING 211 Liberty University -ACCT 211 Final Exam well answered rated A+
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ACCT 211 Final ExamFalse - correct answer Understanding generally accepted accounting principles is not necessary to effectively use and interpret financial statements 
 
Assets=Liability + Equity - correct answer Accounting Equation 
 
False - correct answer From an accounting perspective, an event is a happening that affects the accounting equation, but cannot be measured 
 
Accounts Payable - correct answer All of the following are assets except: 
Accounts Payable 
Accounts Receivable 
Cash 
...
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