Hbx accounting - Study guides, Class notes & Summaries

HBX Core Financial Accounting UPDATED Exam Questions and CORRECT Answers Accelerated Depreciation Methods - Ans Depreciation methods that recognize more depreciation expense in the early years and less in the later years. Double-declining balance is an example of an accelerated depreciation method. Accounting Equation - Ans Assets = Liabilities + Owners' Equity. This equation is fundamental and must always be true in double entry accounting.

HBX CORE FINANCIAL ACCOUNTING

HBX FINANCIAL ACCOUNTING FINAL EXAM | QUESTIONS WITH VERIFIED SOLUTIONS | 100% CORRECT What is the purpose of accounting? - Allows us to understand what's going on within a business. Accounting Equation - Assets = Liabilities + Owners' Equity Accrual method of accounting - Transactions are recorded in the period to which they relate, regardless of when cash is exchanged. Conservatism - The requirement to record EXPECTED expenses or loss when they're probable, but onl...

Accrued Expenses - ️️Liability account used to record amounts at the end of an accounting period to recognize expenses that were incurred in the period but for which no invoice has yet been received nor payment has yet been made. Examples are salaries/wages payable, accrued rent expense, accrued legal fees. When the accrual is made, the debit is to the appropriate expense account (payroll expense, rent expense, legal expense) and the credit is to the accrued expense account, which is a ...

HBX Core Financial Accounting - Questions with Explanations of Answers