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What is the difference between cash proceeds from the sale of equipment and gain on the sale of equipment.

Antwoord op: What is the difference between cash proceeds from the sale of equipment and gain on the sale of equipment. Antwoord:

The gain on the sale of the equipment is the difference between the cash proceeds and the book value of the equipment. It is the "plug" in the journal entry to record the sale.

What is the difference between cash paid to employees and wages expense?

Antwoord op: What is the difference between cash paid to employees and wages expense? Antwoord:

The difference between cash paid to employees and wages expense is the various payroll deductions. The wages expense is the gross earnings of an employee. It is calculated using either the monthly salary or the hourly rate multiplied by the hours worked. Payroll deductions are then taken into account.

What is financial accounting? Explain.

Antwoord op: What is financial accounting? Explain. Antwoord:

Financial accounting is the process of recording, summarizing, and reporting a company's business transactions through financial statements. These statements are: (1) the income statement, (2) the balance sheet, (3) the cash flow statement, and (4) the statement of retained earnings.

A company's current financial position would best be evaluated using the

Antwoord op: A company's current financial position would best be evaluated using the Antwoord:

a company's financial position is best evaluated by using the balance sheet. a company's sources of cash flow are best evaluated using the cash flow statement.

The amount of current capital is calculated as

Antwoord op: The amount of current capital is calculated as Antwoord:

Capital Account Balance + Net Income - Drawing Account Balance = Current Capital.

What standards and requirements does the Small Business Administration use to determine whether a business counts as small?

Antwoord op: What standards and requirements does the Small Business Administration use to determine whether a business counts as small? Antwoord:

Most manufacturing companies with 500 employees or fewer, and most non-manufacturing businesses with average annual receipts under $7.5 million, will qualify as a small business. However, there are exceptions by industry.

Which of the following professional standards applies to providing recommendations that are accurate and timely?

a. Integrity

b. Credibility

c. Confidentiality

d. Competence

Antwoord op:

Which of the following professional standards applies to providing recommendations that are accurate and timely?

a. Integrity

b. Credibility

c. Confidentiality

d. Competence
Antwoord:

Integrity and Credibility

Explain the principles of double-entry bookkeeping and accrual-based accounting.

Antwoord op: Explain the principles of double-entry bookkeeping and accrual-based accounting. Antwoord:

Accrual accounting uses double-entry accounting, where there are generally two accounts used when entering a transaction. This method is more accurate than cash basis accounting because it tracks the movement of capital through a company and helps it prepare its financial statements.

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Vraag:

What is the difference between cash proceeds from the sale of equipment and gain on the sale of equipment.

Vul het antwoord in:

Controleer antwoord

Antwoord:

The gain on the sale of the equipment is the difference between the cash proceeds and the book value of the equipment. It is the "plug" in the journal entry to record the sale.

Jouw antwoord:

input text value

Vraag opnieuw antwoorden

Vraag:

What is the difference between cash paid to employees and wages expense?

Vul het antwoord in:

Controleer antwoord

Antwoord:

The difference between cash paid to employees and wages expense is the various payroll deductions. The wages expense is the gross earnings of an employee. It is calculated using either the monthly salary or the hourly rate multiplied by the hours worked. Payroll deductions are then taken into account.

Jouw antwoord:

input text value

Vraag opnieuw antwoorden

Vraag:

What is financial accounting? Explain.

Vul het antwoord in:

Controleer antwoord

Antwoord:

Financial accounting is the process of recording, summarizing, and reporting a company's business transactions through financial statements. These statements are: (1) the income statement, (2) the balance sheet, (3) the cash flow statement, and (4) the statement of retained earnings.

Jouw antwoord:

input text value

Vraag opnieuw antwoorden

Vraag:

A company's current financial position would best be evaluated using the

Vul het antwoord in:

Controleer antwoord

Antwoord:

a company's financial position is best evaluated by using the balance sheet. a company's sources of cash flow are best evaluated using the cash flow statement.

Jouw antwoord:

input text value

Vraag opnieuw antwoorden

Vraag:

The amount of current capital is calculated as

Vul het antwoord in:

Controleer antwoord

Antwoord:

Capital Account Balance + Net Income - Drawing Account Balance = Current Capital.

Jouw antwoord:

input text value

Vraag opnieuw antwoorden

Vraag:

What standards and requirements does the Small Business Administration use to determine whether a business counts as small?

Vul het antwoord in:

Controleer antwoord

Antwoord:

Most manufacturing companies with 500 employees or fewer, and most non-manufacturing businesses with average annual receipts under $7.5 million, will qualify as a small business. However, there are exceptions by industry.

Jouw antwoord:

input text value

Vraag opnieuw antwoorden

Vraag:

Which of the following professional standards applies to providing recommendations that are accurate and timely?

a. Integrity

b. Credibility

c. Confidentiality

d. Competence

Vul het antwoord in:

Controleer antwoord

Antwoord:

Integrity and Credibility

Jouw antwoord:

input text value

Vraag opnieuw antwoorden

Vraag:

Explain the principles of double-entry bookkeeping and accrual-based accounting.

Vul het antwoord in:

Controleer antwoord

Antwoord:

Accrual accounting uses double-entry accounting, where there are generally two accounts used when entering a transaction. This method is more accurate than cash basis accounting because it tracks the movement of capital through a company and helps it prepare its financial statements.

Jouw antwoord:

input text value

Vraag opnieuw antwoorden

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Informatie

THE DIFFERENCE BETWEEN CASH PROCEEDS AND CASH GAIN IN ACCOUNTING FIELD

Aantal

16 oefenvragen

Taal

English

Gemaakt op

04-03-2024

Opleiding

Secondary Education / International High School / Finance / BUSINESS EDUCATION

Verkoper

1 oefenvragen gemaakt

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