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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: 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: What is the purpose of making closing entries
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Q: How much is Europe in debt
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Q: How do you reallocate a transaction among multiple accounting codes
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Q: How do you reallocate a transaction amoung multiple accounting codes
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Q: Is direct labor used as part of the factory overhead
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Q: What is another name for temporary accounts
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Q: What is the difference between capital income and revenue income
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Q: Is stationary an asset
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Q: How would you find your default accounting code
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Q: Which format does a statement display in
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Q: If your organization does not allow you to approve your own transactions how might transactions become approved
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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: 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: What are significance of computerized accounting system
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Q: What type of account is Prepaid Insurance
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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: Disadvantages of manual payroll system
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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: Causes of direct material quantity variance
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Q: Formula for operating income
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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: When the owner invests cash in a business the owner's capital account is in increased by a debit
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Q: Cost of a delivery truck is a period cost or product cost
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Q: What is it called when Sales can decline before losses are incurred
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Q: Is special revenue fund accrual or modified accrual
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Q: Accounting concepts where adjustments for prepayments and accruals are based
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Q: The entry to adjust for the cost of supplies used during the accounting period is
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Q: What is the difference between cost of debt and cost of equity
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Q: Is total cost equals semi variable cost
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Q: What is the importance of competition
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Q: The recording of debit and credit parts of a transaction is
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Q: What is the scope of capital budgeting
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Q: Is it true that fix cost remains same when output increases
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Q: What are the Strength and weakness Continuously contemporary accounting
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Q: What is difference between audited and unaudited balance sheet
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Q: What types of accounting reports are prepared in conformity with GAAP
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Q: How should the heading of a balance sheet appear
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Q: What is the purpose of preparing a Control Account
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Q: Which inventory system does not show the amount available for sale
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