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ACCT || 2101- || TEST || 1 || UGA || Exam || questions || with || precise || detailed
|| answers
Assets || - || ✔✔something || that || the || entity || owns || that || create || a || future || benefit... || land, || inventory, || construction, || are || all || examples || of || situations || where || in || the || future || they || are || beneficial. || So || its || an || asset Liability || - || ✔✔Claims || against || an || entity || from || an || outsider || asking || for || cash || or || assets... || examples || would || be || deferred || payments, || payables, || discontinued || liability/ || operation Rewriting || the || equation || - || ✔✔A= || L || + || SE || For || the || creditors || (peps || you || owe): || L= || A- || SE || Owners || of || the || entity: || SE= || A- || L Stockholdes || Equity || - || ✔✔This || is || what || is || the || owners || claims || on || the || assets... || This || is || broken || down || further || (see || graphic || in || the || pptx) What || are || revenues? || - || ✔✔Up || in || assets || from || operation || activities What || are || expenses? || - || ✔✔Down || in || assets. || Net || assets || that || were || sacrificed || to || obtain || revenues A || transaction || that || says... || "Issue || common || stock || to || owners || for || 40,000" || - || ✔✔This || is || an || increase || in || cash, || so || an || asset... || to || make || this || balance || this || also || goes || into || common || which || is || under || SE
A || transaction || that || says... || "Buy || PP&E || for || 3,400 || cash || - || ✔✔In || this || situation, || you || are || decreasing || your || cash || but || you're || gaining || an || asset... || so || - || in || cash || and || + || in || the || PP&E || section, || both || assets A || transaction || that || says... || "Purchase || inventory || on || credit || for || 55,000" || - || ✔✔Here, || there || is || an || increase || in || inventory... || also || there || is || an || increase || in || acct. || payable, || because || its || on || credit, || so || liability Pay || vendor || 32,000 || of || the || amount || owed || - || ✔✔This || says, || "amount || owed." || that || tells || you || that || it || was || on || credit. || being || that || you || are || paying || it || off, || it || is || deceasing || that || acct. || payable || liability. || Thus, || this || also || decreases || your || cash Prepaid || Expanses || - || ✔✔An || expense || is || something || that || gotta || pay, || so || this || means || that || in || some || instances || you || would || prepay || it, || before || you || use || it. || This || is || a || benefit || to || you, || so || its || an || asset... || (prepaid || rent/ || insurance || are || examples) Payables || - || ✔✔This || is || stuff || you || need || to || pay || in || the || future... || this || is || accounts || payable... || an || example || of || this || is || a || wholesaler || who || gets || products || and || when || it || sales || it || they || pay || the || producer... || this || is || like || home || depot Obligation || (unearned || revenue) || - || ✔✔This || is || when || the || entity || requires || a || prepayment || before || anything || happens... || airliners Accrued || Liabilities || - || ✔✔First, || when || you || accrue || something, || you || build || it || up || overtime... || examples || of || this || is || wages || payable, || interest || payable, || wages || payable... || this || are || accrued || because || the || increase || overtime || if || you || don't || pay || them || off... What || do || you || put || in || your || land || value || section? || - || ✔✔the || historical || cost || (what || you || payed || for || it)... || we || are || moving || to || fair || value || though What || is || good || will? || - || ✔✔reputation || of || a || company
the || same || example || "on || 9/14 || a || co. || bought || 1,000 || worth || of || supplies || on || account. || at || 9/30, || the || co. || had || used || all || but || $350 || worth || of || supplies. || on || 10/9 || the || co. || payed || is || account." || for || the || 9/30 || date. || - || ✔✔What || do || you || know? || Available || supplies: || 1,000 || On || hand: || 350 Used: || 650 || so || you || know || that || your || supply || account || has || gone || down || and || your || supplies || expense || account || does || up. || This || yield || the || following || entry. || Date: || Acct: || Dr.: || Cr. || 9/30 || Supplies || Exp. || 650 || || Supplies || 650 the || same || example || "on || 9/14 || a || co. || bought || 1,000 || worth || of || supplies || on || account. || at || 9/30, || the || co. || had || used || all || but || $350 || worth || of || supplies. || on || 10/9 || the || co. || payed || is || account." || for || the || 10/9 || date || - || ✔✔What || do || you || know? || both || your || cash || and || acct. || payable || accounts || decrease. || Thus, || given || debit || and || credit || theory, || it || would || yield || the || following || journal || Date: || Acct: || Dr.: || Cr. || 10/9 || Acct. || Pay || 1,000 ||
|| Cash || 1, from || the || journal || to || the || ledger || - || ✔✔Here, || the || ledger || will || consolidate || the || entry || specific || transaction || for || the || entire || fiscal || period. || So, || this || means || all || you || need || to || do || is || take || your || debit || and || credit || entires || and || just || put || them || in || a || t- || account. || Look || at || the || pptx. What || is || a || trial || balance? || - || ✔✔a || list || of || account || balances || separated || in || to || t, || debit || and || credit, || columns Accounts || payable, || debit || or || credit? || Why? || - || ✔✔Credit... || accounts || payable || falls || under || a || liability. || you || know || that || the || chart || has || the || little || + || on || the || right || side, || which || is || the || credit || side. || Therefore || it || is || a || credit. Cash, || debit || or || credit? || Why? || - || ✔✔Debit... || looking || at || the || chart, || the || + || sign || is || on || the || left, || or || debit || side. || So || this || is || a || thus || a || debit Ending || retained || earnings || is || computed || how? || - || ✔✔Beginning || retained || earn ||
= || Ending || retain || earn Return || on || sales || formula? || What || does || it || represent? || - || ✔✔defined || as: || net || income || / || sales ||
The || number || of || pennies || of || profit || left || from || each || dollar, || after || paying || expenses Accrual || Adjustment || for || prepaid || expense? || - || ✔✔Deferral- || down || in || balance || acct..; || up || in || income || account.
- || dividends || received || ***last || 2, || because || the || FSB || said || so Operation || activities || examples || of || outflows? || - || ✔✔1) || Buy || good ||
- || Pay || employee ||
- || Pay || operating || expenses || 4*) || interest || payed || BECUASE || FSB || SAID || SO Investing || activities || examples || of || outflows? || - || ✔✔1) || sale || of || plant || asset ||
- || Sale || of || securities ||
- || Sale || of || a || bus. || section ||
- || collection || of || the || principle || of || the || loan Investing || activities || examples || of || inflows? || - || ✔✔1) || Buy || plant || asset ||
- || Buy || securities ||
- || Buy || a || bus. || section ||
- || make || loan Financing || activities || example || of || inflows? || - || ✔✔1) || issue || stock ||
- || issue || bond
- || Issue || note Financing || activities || examples || of || outflows? || - || ✔✔1) || Pay || divs. ||
- || pay || the || loan || prin. ||
- || buy || treasury || stock All || parts || of || the || cash || flow || defined? || - || ✔✔Operating; || STL || & || STA Invest; || LTA Finance; || LTL || & || SE
