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Accounting

Understand the language of business through the study of financial statements, budgeting, and taxation. Accounting is essential for business transparency and integrity.

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Questions
Q: Closing the temporary accounts at the end if each accounting period
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Q: What is net new borrowing as it relates to determining the cash flow to creditors
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Q: Main qualitative characteristics of financial information
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Q: Describe the behavior of unit fixed costs as the level of activity increases
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Q: The concept of time value of money
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Q: If the firm's sales revenue income exceeds its expenses the firm has earned a profit
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Q: The primary disadvantage of accrual accounting is that
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Q: The basic summary device of accounting
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Q: What is an example of an accrual error
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Q: What is the best definition of unearned income
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Q: Under which of the following categories would Inventory appear
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Q: What is the objectives of purchasing and supply
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Q: Are commissions earned an asset
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Q: The cost principle requires that when assets are acquired they be recorded at
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Q: How does depreciation affect cash flow statement
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Q: How many years can you depreciate a Copier
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Q: 1 The assets division should contain what accounts
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Q: The difference between the balance of a fixed asses account and the related accumulated depreciation account is termed
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Q: What is accounting period concept
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Q: What is the distinction or differences between an incremental cost and sunk cost
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Q: The impact of internal audit on organization
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Q: Adjusting entries are often made because some business events are not recorded as they occur
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Q: Definition of consistency principle in accounting
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Q: The process of posting is associated most closely with the
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Q: What are the causes direct material quantity variance
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Q: What is the Average Cost method of inventory valuation
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Q: What is monthly turnover
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Q: Define book keeping and explain how it differs from accounting
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Q: Cost of a delivery truck is a period cost or product cost
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Q: When the owner invests cash in a business the owner's capital account is in increased by a debit
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Q: What type of account is Prepaid Insurance
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Q: Formula for operating income
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Q: What are the accounting documents
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Q: Fair value through profit and loss
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Q: Methods of accounting under changing price level
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Q: What does seniority date mean
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Q: Causes of direct material quantity variance
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Q: Which stage of accounting represents a legal binding agreement between the government and another party but no goods or services have been received
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Q: The time frame associated with a balance sheet is
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Q: Explain why adjusting entries normally have an effect on both the balance sheet and the income statement
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Q: What accounts are not classified in the current assets section of the balance sheet
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Q: Are unearned revenues liabilities
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Q: What is it called when Sales can decline before losses are incurred
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Q: Disadvantages of manual payroll system
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Q: What is the journal entry of Goods lost by fire Rs 4000
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Q: What are significance of computerized accounting system
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Q: The specific identification method of costing inventories is used when the
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Q: Accounting's key goal is to
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Q: Which level includes all the details of an accounting classification resulting in a unique fund citation
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Q: From an accounting and funds control perspective which are the best examples of what you would do in the implementation and evaluation steps of the decision making process
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