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UTA Entrance Accounting Exam QUESTIONS AND ANSWERS RATED A+ 2024/2025
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UTA Entrance Accounting Exam QUESTIONS AND ANSWERS RATED A+ 2024/2025
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UTA Entrance Accounting ExamIf internet profits after tax is $42,000, the tax price is 30%, and overall charges no longer which
include tax cost are $126,000, sales ought to be: - ANS$186,000
Find what the net income become earlier than taxes and add it to prices to get the overall
revenue.
The economic statement that reviews what the enterprise owns and what the agency owes is
the - ANSbalance sheet
The balance sheet shows assets, liabilities, and equity which display what's owned and what's
owed.
What is meant to "stability" at the stability sheet? - ANSassets = liabilities + owner's fairness
The cause of financial accounting is to offer - ANSfinancial information to outside customers
The accounting equation is - ANSassets = liabilities + fairness
Which monetary statement affords records related to the economic performance of a employer
at some stage in a particular duration? - ANSincome declaration
The income announcement reviews earning for a business enterprise all through a specific
term.
A agency reports internet profits when - ANSservices supplied are extra than the fee to provide
the services
Which of the subsequent is taken into consideration and fee?
Pay as you go expense
fee of products bought
sales
building - ANScost of goods bought
The government agency with prison authority over monetary reporting of U.S. Public groups is
known as - ANSsecurities trade fee (SEC)
FASB has no prison authority
, Which monetary statement reports dividends paid to shareholders? - ANSstatement of owners
fairness
Dividends aren't stated at the earnings declaration, it isn't always an price. They are netted into
retained income at the balance sheet.
Assets usually encompass - ANSaccounts receivable and equipment
What economic report is for the precise reason of reporting coins flows? - ANScash float
announcement
Which declaration affords information on items and offerings supplied to clients? - ANSincome
announcement
Providing goods and services to clients is revenues which is simplest on the income declaration.
Liabilities are - ANSobligations on account of beyond transactions
Prepaid charges is an asset because - ANSthe business enterprise owns it
the organization has paid ahead and therefore has destiny advantage
a past transaction has took place
Economic assets is the technical time period for - ANSassets
An exam of accounting statistics to determine if the facts and reviews are according with
commonly everyday accounting requirements is called - ANSan audit
What increases retained profits? - ANSrevenues
retained profits is multiplied with the aid of net income.
Which monetary assertion reports what the enterprise owes providers? - ANSbalance sheet
Which of the subsequent isn't a liability?
Unearned sales
money owed payable
taxes payable
sales - ANSsales
The reason of Financial Accounting is to: (3) - ANSrecord, summarize, and record transactions
of the corporation
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