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CASH FLOW MANAGEMENT
Use the 16 quiz questions to prepare yourself and test whether you know the subject matter.
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DownloadWhat is the difference between cash proceeds from the sale of equipment and gain on the sale of equipment.
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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?
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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.
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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
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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
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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?
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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
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Which of the following professional standards applies to providing recommendations that are accurate and timely?
a. Integrity
b. Credibility
c. Confidentiality
d. Competence
Integrity and Credibility
Explain the principles of double-entry bookkeeping and accrual-based accounting.
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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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Add to cartQuestion:
What is the difference between cash proceeds from the sale of equipment and gain on the sale of equipment.
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Check answerAnswer:
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.
Your answer:
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Ask answers again
Question:
What is the difference between cash paid to employees and wages expense?
Enter answer:
Check answerAnswer:
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.
Your answer:
input text value
Ask answers again
Question:
What is financial accounting? Explain.
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Check answerAnswer:
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.
Your answer:
input text value
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Question:
A company's current financial position would best be evaluated using the
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Check answerAnswer:
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.
Your answer:
input text value
Ask answers again
Question:
The amount of current capital is calculated as
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Check answerAnswer:
Capital Account Balance + Net Income - Drawing Account Balance = Current Capital.
Your answer:
input text value
Ask answers again
Question:
What standards and requirements does the Small Business Administration use to determine whether a business counts as small?
Enter answer:
Check answerAnswer:
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.
Your answer:
input text value
Ask answers again
Question:
Which of the following professional standards applies to providing recommendations that are accurate and timely?
a. Integrity
b. Credibility
c. Confidentiality
d. Competence
Enter answer:
Check answerQuestion:
Explain the principles of double-entry bookkeeping and accrual-based accounting.
Enter answer:
Check answerAnswer:
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.
Your answer:
input text value
Ask answers again
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THE DIFFERENCE BETWEEN CASH PROCEEDS AND CASH GAIN IN ACCOUNTING FIELD
Number
16 questions
Language
English
Made on
03-04-2024
Education
Secondary Education / International High School / Finance / BUSINESS EDUCATION
View all 16 quiz questions
-
What is the difference between cash proceeds from the sale of equipment and gain on the sale of equipment.
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?
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.
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
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
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?
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. -
Integrity and Credibility
Which of the following professional standards applies to providing recommendations that are accurate and timely?
a. Integrity
b. Credibility
c. Confidentiality
d. Competence
-
Explain the principles of double-entry bookkeeping and accrual-based accounting.
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. -
Which format of the balance sheet is the most widely used? Why?
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In financial accounting, why is it that the financial statements are more important document to look at than the balance sheets if thinking about investing or buying the company? Explain.
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The journal serves as a
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A listing of all accounts in numerical order is called a
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What are the days' sales in the accounts receivable ratio in business accounting?
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Discuss the concept and importance of Accounting rate of return.
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Explain what is meant by the principle of adequate disclosure.
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What is the purpose of closing entries in accounting
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