The final exam takes 120 minutes and counts for 45 percent of the term grade. Work our free accounting Quizzes for the topics covered in your course. This will help you identify the areas in which you need to improve. It is important that you understand why you answered a question incorrectly, and why another answer was the best answer. The following are the areas you should concentrate on studying for the final examination. Our PRO members can access 57 Quick Tests containing more than 1,600 practice questions with answers.
Thus, final accounts can refer to the final trial balance or the financial statements upon which they are based. The primary financial statements are the income statement, balance sheet, and statement of cash flows. Auditors rely upon a client’s final accounts to conduct an audit of its accounting records and financial what do cash flow statements have to do with liquidity chron com statements. Use, Impairment, and Disposal of Plant, Property, and Equipment
Depreciation Concepts
Except for land, all long-lived assets are subject to depreciations. The expense principle requires that a portion of an asset’s cost be allocated as an expense in the same period that
revenues are generated by its use.
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Work the tests that are appropriate for your course. Test questions are a great way to retain what you have learned and to identify the areas in which you need to improve. Again, it is important to understand why you answered a question incorrectly, and why another answer was the best answer. If you are unable obtain a deep understanding, see your instructor for additional help. In the process, you may be helping your instructor become more empathetic and in the process help future students as well.
For example, an airline earns revenue when it provides air travel service and
incurs an expense when using its aircraft to generate the revenue. Expenditures are capitalized when they are recorded as part of the cost of the asset instead of as expenditures
of as expenses of the period. A. The asset fair value plus depreciation expense. The cost of the asset minus accumulated depreciation. The cost of the asset plus accumulated depreciation. The asset fair value minus depreciation expense.
A final account, or final accounting, can also be the summarized statement issued when a business transaction has been concluded. For example, when someone leaves a hotel, they are given a final accounting of what they owe the hotel. Students have 80 minutes to complete the mid-term exam, which is worth 30 percent of their grade.