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Accounting 101

Answer the following questions, fighting, I know you can. <3
Quiz by Aksenov
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First submittedNovember 12, 2016
Last updatedNovember 14, 2016
Times taken371
5:00
Accounting
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Hint
Answer
P
Father of Accounting
Fr. Luca Pacioli
J
Book of original entry
Journal
A
Asset= Liabilities + Capital
Accounting Equation
B
Other term for Statement of Financial Position
Balance Sheet
R
Last procedure in accounting cycle
Reversing Entries
 
Hint
Answer
A
Already earned but not yet receive
Accrued Income
I
Temporary Account (+)
Income
R
Net Income/ Asset
Return on Assets
P
Two or more persons bind themselves to contribute money, property or industry to a common fund with an intention of dividing the profits among themselves.
Partnership
G
Underlying Principle
Going Concern
 
Hint
Answer
 
Elements of Accounting, Dr. as Normal balance
Asset/Expense
N
Accounts Receivable less Allowance for doubtful accounts
Net Realizable Value
O
The average time between purchasing or acquiring inventory and receiving cash proceeds from its sale.
Operating Cycle
E
Independent Auditor other name
External Auditor
C
Revenue minus variable cost
Contribution Margin
+1
level 44
May 23, 2018
https://www.jetpunk.com/user-quizzes/107945/financial-statement-balance-sheet-classification-quiz Here is another Financial Statement Accounting Quiz
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