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HBX Core Final Exam - Financial Accounting (74 QUESTIONS FULLY SOLVED). $14.49   Add to cart

Exam (elaborations)

HBX Core Final Exam - Financial Accounting (74 QUESTIONS FULLY SOLVED).

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  • HBX CORe Financial Accounting
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  • HBX CORe Financial Accounting

HBX Core Final Exam - Financial Accounting (74 QUESTIONS FULLY SOLVED).

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  • August 13, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • HBX CORe Financial Accounting
  • HBX CORe Financial Accounting
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BRAINBOOSTERS
HBX Core Final
Exam - Financial
Accounting (74
QUESTIONS
FULLY SOLVED)
At the end of each accounting period, where
do the balance of all nominal accounts
transfer to? - answer Retained Earnings


Other Income and Expenses - answer
Revenues or expenses that are outside the
normal, day-to-day operations of a business,
such as a gain or loss on the sale of plant
assets or interest expense
Example: Loss, interest expense, gain on
foreign currency, interest income, income tax
expense

,Operating Expenses - answer Costs involved
in operating a business, such as rent,
utilities, salaries, wages, marketing
expenses, R&D, general expenses,
depreciation


Gross Profit Equation - answer (Net) Sales -
COGS = Gross Profit


Accounting Equation - answer Assets =
Liabilities + Owner's Equity


Assets - answer Be purchased at a cost that
is measurable
Produce probable economic benefit in the
future
Result from a past event
Be owned or controlled by the entity


Liabilities - answer It must impose a probable
economic obligation on economic resources
in the future
The obligation has to be to another entity

, The event that created the obligation must
have occurred in the past


Owner's Equity - answer Resources of the
business that belong to the owner
If you add up all of the resources of the
business (assets), and subtract all of the
claims that third parties (such as lenders and
suppliers) have against those assets, you'll
end up with what is left for the owners


Examples of Assets - answer Cash, accounts
receivable, notes receivable, interest
receivable, supplies, inventory, investments,
fixed assets, prepaid insurance, property,
plant & equipment, prepaid rent, other
prepaid expenses, land, buildings, goodwill,
trademark, patents, copyrights, other
intangible assets, deferred tax assets


Examples of Liabilities - answer Accounts
payable, notes payable, interest payable,
salaries payable, wages payable, interest
payable, other accrued expenses payable,
taxes payable, accrued interest, accrued
wages, accrued taxes, customer deposits,

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