ACCOUNTING 1 FINAL EXAM Chapter 1 1. Which of the following best describes accounting? a. is an information system that provides reports to users regarding economic activities and condition of a business. b. is of no use by individuals outside of the business. c. records economic data but does not communicate the data to users according to any specific rules. d. is used only for filling out tax returns and for financial statements for various type of governmental reporting requirements
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Home Download material Contact us Privacy policy Link to us Useful links Advertise -------------------------------------------------------------------------------- Home » Introduction to Accounting » Accounting Concepts -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Accounting Concepts: The term ’concepts’
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Which expenses in Exhibit 2 are variable with respect to revenue hours? Which expenses are fixed with respect to revenue hours? a. Variable Expenses – Wages for Hourly Personnel‚ Power b. Fixed Expenses – Wages for Salaried staff‚ Systems development and maintenance‚ Administration 2. For each expense that is variable with respect to revenue hours‚ calculate the cost per revenue hour. 3. Create a contribution margin income statement for Salem Data Services. Assume that
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ACC 211-MIDTERM EXAM (Chap 1 thru 5) MC Qu. 113 An example of a financing activity is: An example of a financing activity is: Buying office supplies. Obtaining a long-term loan. Buying office equipment. Selling inventory. Buying land. MC Qu. 114 An example of an operating activity is: An example of an operating activity is: Paying wages. Purchasing office equipment. Borrowing money from a bank. Selling stock. Paying off a loan. MC Qu. 117 Net Income: Net Income:
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ACCT101 project Case5-3 1. Electric utility bills Method 1: As everyone knows‚ the electricity meters can be read every month. Therefore‚ in December the company will know the electricity usage of the former 12 months including that of December last year. And the usage of electricity in December this year can be included in the next year’s revenue. Method 2: Strictly speaking‚ the revenue recognized in method 1 is not earned in THIS YEAR. through the method of estimating the electricity usage
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Recording Financial Transactions Specimen Exam applicable from June 2014 Time allowed: 2 hours ALL 50 questions are compulsory and MUST be attempted. Do NOT open this paper until instructed by the supervisor. This question paper must not be removed from the examination hall. The Association of Chartered Certified Accountants Paper FA1 FOUNDATIONS IN ACCOUNTANCY ALL 50 questions are compulsory and MUST be attempted Please use the space provided on the inside cover of the Candidate Answer Booklet
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Introduction Accounting is a finance support system that * Records transactions. * Classifies transactions and events. * Expresses transactions in monetary terms. * Helps to monitor the financial performance and condition of Business. * Helps to evaluate the business. * Helps to establish controls for the business. Accounting helps to arrive at the financial position of an organization at any point of time. The organization’s financial status‚ as on a particular date
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ACC290 – Principles of Accounting I – Final Exam Study Guide 2012 Remember to check out ACCNerd.com for the latest updates! 1. Which financial statement is used to determine cash generated from operations? A. Income statement B. Statement of operations C. Statement of cash flows D. Retained earnings statement 2. In terms of sequence‚ in what order must the four basic financial statements be prepared? A. Balance sheet‚ income statement‚ statement of cash flows‚ and capital statement
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Introduction to Book-keeping Fill in the blanks in the following sentences from the selection of terms given at the bottom of the page. 1 The recording of accounting data is known as . 2 A change in the position of a business‚ i.e. the transfer of value from one to another‚ is a . 3 A person to whom money is owed for goods is a . They have given the firm ___________. 4 A person who owes money to the firm is a . They are in ______ to the firm. 5 Resources supplied by the owner is called ____
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Cost Accounting Principles of Accounting II Cost Accounting Accounting is the accumulation and aggregation of info for decision makers including administrators‚ traders‚ authorities‚ loan providers‚ as well as the general public. Accounting systems impact behavior and administration and have effects across divisions‚ companies‚ and even nations. This report will provide the reader a knowledge regarding cost accounting. This report will talk about: Why is cost accounting so essential to the achievement
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