Accounting
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Form used to complete the net income or net loss and to plan the preparation of 
financial statements 
: Worksheet 
Provide the figures needed to determine the results of operations and the financial 
position of the business 
: Journalizing Transactions 
Form used to complete the net income or net loss and to plan the preparation of 
financial statements 
: Worksheet 
Provide the figures needed to determine the results of operations and the financial 
position of the business 
: Journalizin...
Test Bank for Fraud Examination 6th Edition by W. Steve Albrecht, Chad O. Albrecht, Conan C. Albrecht, Mark F. Zimbelman
Accounting Principles Exam 
Questions With All Correct Answers 
 
 
Which of the following expressions is incorrect? 
Sales revenue - cost of goods sold - Operating expenses = Net income 
Operating expenses - Cost of goods sold = Gross profit 
Net income + Operating expenses = Gross profit 
Gross profit - Operating expenses = Net income - ANSWER Operating expenses - 
Cost of goods sold = Gross profit 
Net income - ANSWER gross profit - operating expenses 
or 
Sales revenue - cost of goods sold...
Accounting Equations Test 
Questions And Answers 
 
 
 
Account - ANSWER- an accounting device used in summarizing the effects of 
transactions (increases/ decreases) on element of the financial statement. 
Chart of Accounts - ANSWER- a listing of all account titles used by an entity. 
Purpose of the Financial Statements? - ANSWER- to provide information about the 
financial position, financial performance and cash flows of an entity that is useful to a 
wide range of users in making economi...
Accounting Cycle Actual Exam 
Questions With All Correct 
Answers 
 
 
 
Accounting process - ANSWER- is a sequence of interrelated procedures. Its primary 
purpose is to produce the entity's financial statements for a given reporting period 
Accounting cycle - ANSWER- refers to a series of sequential steps or procedures 
performed to accomplish the accounting process. 
Chart of Accounts - ANSWER- It is a list of account titles with corresponding account 
codes used by the business. This l...
Accounting 201 Test Questions 
And Answers 
 
 
Accounting - ANSWER- The art of recording, classifying, reporting, and interpreting the 
financial data of an organization. 
Accounting equation - ANSWER- An expression in dollar amounts of the equivalency of 
the assets and equities of an enterprise, stated as Assets=Liabilities+Owner's equity. 
Accounting principle - ANSWER- A broad rule adopted by the accounting profession as 
a guide in measuring, recording, and reporting the financial aff...
ACCOUNTING Exam With Correct Questions And Answers | Verified Solutions 2024
ACCOUNTING - D196 – QUESTIONS WITH 100% CORRECT ANSWERS 
What is the primary difference between managerial accounting and financial accounting? CORRECT ANSWER Managerial is internal to an organization and Financial is externally facing 
 
Define bookkeeping CORRECT ANSWER The preservation of a systematic, quantitative record of an activity 
 
What is a tool for evaluating the health and performance of an organization that predates writing? CORRECT ANSWER Bookkeeping 
 
What are the three prima...
Accounting Exam 1-Questions and Answers Graded A+ 
 
The purpose of a journal is to - ANSWER-record a chronological listing of every transaction for a company. 
 
A journal entry should contain which of the following information? - ANSWER--the date 
-description of the transaction 
-accounts and amounts credited 
-accounts and amounts debited 
 
Steps for measuring transaction in the correct order. - ANSWER-1. Use a source document to identify accounts affected 
2. Analyze the impact of the tran...
Accounting formulas-Questions and Answers Graded A+ 
 
revenue (income) - expense - ANSWER-=net profit(net loss) 
Income Statement 
 
beginning capital - change in capital - ANSWER-= ending capital 
Statement of Owner's Equity 
 
assets - liablities - ANSWER-= owner's equity 
Balance Sheet 
 
Current assets - ANSWER--cash 
-petty cash fund 
-accounts receivable 
-prepaid expenses 
-supplies 
-inventory 
 
Fixed assets - ANSWER--equipment 
-automobiles 
-furnishings 
-land and building 
 
Tangi...