Accounting 101 final - Study guides, Class notes & Summaries
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FAC3701 Assignment 1 (WRITTEN) Semester DUE 1 April 2024
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FAC3701 Assignment 1 (WRITTEN) Semester DUE 1 April 2024 ............ 100 % TRUSTED workings, explanations and solutions. For assistance call or W.h.a.t.s.a.p.p us on +/ 2/ 5/ 4 /7 /7 /9 /5 /4 /0 /1 /3 /2 . 
ASSESSMENT 01 (First semester) (30 marks) 
WRITTEN ASSESSMENT 
Ndlovu Jam Ltd is a company specializing in the manufacturing of various types of 
jams and sauces. 
The following is an extract of Ndlovu Jam Ltd’s trial balance for the year 
ended 31 December 2023: 
 Notes Debit 
R ...
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Accounting 101 Final Exam Ivy Tech 2024 Questions With Complete Solutions
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Accounting 101 Final Exam Ivy Tech 2024 Questions With Complete Solutions
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Ivy Tech Accounting 101 Final Exam Study Guide Questions with Complete Solutions
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What is the primary responsibility of FASB? Correct Answer-Developing GAAP 
 
What is the accounting equation? Correct Answer-Assets=Liability+Equity 
 
What is the definition of revenue? Correct Answer-Money earned from providing a product or service 
 
Is CoGS an expense? Correct Answer-Yes 
 
What is the primary objective of financial reporting? Correct Answer-To provide info for decision making 
 
What accounts are on the balance sheet? Correct Answer-Assets, liabilities, equity 
 
What acco...
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Accounting 101 Final Exam With 100% Correct Answers 2023
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What is accounting? - Correct answer-the action or process of keeping financial 
accounts 
revenues - Correct answer-inflows of assets resulting from the sale of goods and 
services 
expenses - Correct answer-outflow of assets resulting from the sale of goods and 
services 
internal user - Correct answer-managerial accounting 
external user - Correct answer-financial accounting 
who is responsible for GAAP - Correct answer-FASB 
accounting equation - Correct answer-assets = liabilities + owners ...
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Accounting 101 Final Exam Study Guide Questions With Complete Solutions
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Accounting 101 Final Exam Study Guide Questions With Complete Solutions
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Accounting 101 Final Questions With Complete Solutions
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Accounting 101 Final Questions With Complete Solutions
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Accounting 101 Final 2019 IVY TECH Questions with Complete Solutions
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What is the definition of revenues? Correct Answer-Assets received from selling goods and services 
 
What is the definition of expenses? Correct Answer-The cost associated with doing business 
 
What does the accounting equation? Correct Answer-Assets = liabilities + stockholders equity 
 
What is FASB? Correct Answer-Financial accounting standards Board, the organization primarily responsible for setting accounting principles (GAAP) 
 
What is the primary objective of financial reporting? Corr...
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Ivy Tech Accounting 101 Final Exam Study Guide Questions With Complete Solutions
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Ivy Tech Accounting 101 Final Exam Study Guide Questions With Complete Solutions
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Accounting 101 Final Exam Ivy Tech Questions with Complete Solutions
- Exam (elaborations) • 7 pages • 2024
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Revenues Correct Answer-assets received from selling good and services 
 
Expenses Correct Answer-the cost associated with doing business 
 
Financial Accounting Standards Board (FASB) Correct Answer-The organization primarily responsible for evaluating, setting, or modifying GAAP. 
 
Accounting Equation Correct Answer-Assets = Liabilities + Equity 
 
Primary objective of financial reporting Correct Answer-Provide information for decision making 
 
Income Statement Correct Answer-A financial sta...
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Accounting 101 Final Exam Study Guide || All Correct.
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What is accounting? correct answers the action or process of keeping financial accounts 
 
revenues correct answers inflows of assets resulting from the sale of goods and services 
 
expenses correct answers outflow of assets resulting from the sale of goods and services 
 
internal user correct answers managerial accounting 
 
external user correct answers financial accounting 
 
who is responsible for GAAP correct answers FASB 
 
accounting equation correct answers assets = liabilities + owner...
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