College Accounting - Study Guide / Working Papers 1-15
23rd Edition
ISBN: 9781337913560
Author: HEINTZ
Publisher: CENGAGE L
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Chapter 1, Problem 2SEB
ACCOUNTING PROCESS Match the following steps of the accounting process with their definitions.
Analyzing a. Telling the results
Recording b. Looking at events that have taken place and thinking about how they affect the business
Classifying
Summarizing c. Deciding the importance of the various reports
Reporting d. Aggregating many similar events to provide information that is easy to understand
Interpreting e. Sorting and grouping like items together
f. Entering financial information into the accounting system
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A small retailer has the following transaction data: beginning inventory $8,000, purchases $62,000, purchase returns $2,000, freight-in $3,000, and ending inventory $12,000. Cost of goods sold is?
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million, respectively, what is the amount of the liability balance in this
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a. $140
b. $80
c. $60
d. w$2.5
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College Accounting - Study Guide / Working Papers 1-15
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