Accounting 101 final Study guides, Class notes & Summaries

FAC3701 Assignment 1 (WRITTEN) Semester 1 2024 - 1 DUE 1 April 2024 ............ 100 % TRUSTED workings, explanations and solutions. For assistance call or W.h.a.t.s.a.p.p us on +/ 2/ 5/ 4 /7 /7 /9 /5 /4 /0 /1 /3 /2 . ASSESSMENT 01 (First semester) (30 marks) WRITTEN ASSESSMENT Ndlovu Jam Ltd is a company specializing in the manufacturing of various types of jams and sauces. The following is an extract of Ndlovu Jam Ltd’s trial balance for the year ended 31 December 2023: Notes D...

Accounting 101 Final Exam Ivy Tech 2024 Questions With Complete Solutions

What is accounting? - Correct answer-the action or process of keeping financial accounts revenues - Correct answer-inflows of assets resulting from the sale of goods and services expenses - Correct answer-outflow of assets resulting from the sale of goods and services internal user - Correct answer-managerial accounting external user - Correct answer-financial accounting who is responsible for GAAP - Correct answer-FASB accounting equation - Correct answer-assets = liabilities + owners ...

Accounting 101 Final Exam Study Guide Questions With Complete Solutions

Accounting 101 Final Questions With Complete Solutions

Accounting 101 Final Exam Study Guide 2022-23 Questions with Correct Answers |100% Verified

What is the definition of revenues? Correct Answer-Assets received from selling goods and services What is the definition of expenses? Correct Answer-The cost associated with doing business What does the accounting equation? Correct Answer-Assets = liabilities + stockholders equity What is FASB? Correct Answer-Financial accounting standards Board, the organization primarily responsible for setting accounting principles (GAAP) What is the primary objective of financial reporting? Corr...

Ivy Tech Accounting 101 Final Exam Study Guide Questions With Complete Solutions

Revenues Correct Answer-assets received from selling good and services Expenses Correct Answer-the cost associated with doing business Financial Accounting Standards Board (FASB) Correct Answer-The organization primarily responsible for evaluating, setting, or modifying GAAP. Accounting Equation Correct Answer-Assets = Liabilities + Equity Primary objective of financial reporting Correct Answer-Provide information for decision making Income Statement Correct Answer-A financial sta...

What is the primary responsibility of FASB? Correct Answer-Developing GAAP What is the accounting equation? Correct Answer-Assets=Liability+Equity What is the definition of revenue? Correct Answer-Money earned from providing a product or service Is CoGS an expense? Correct Answer-Yes What is the primary objective of financial reporting? Correct Answer-To provide info for decision making What accounts are on the balance sheet? Correct Answer-Assets, liabilities, equity What acco...