MGAB01H3 Study Guide - Midterm Guide: Profit Margin, Financial Statement, Accrual
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MGAB01H3 Full Course Notes
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1 a business paid the ,600 premium on a 3 year insurance policy on january 1, 200a. The entry to record the premium was debit insurance expense ,800; debit prepaid insurance ,800; credit cash. If the business year-end is december 31, 200a then: assets are understated by ,200, assets are overstated by ,200, equity is overstated by , equity is understated by , none of the above. The correct order for select elements on a chart of accounts is: 2: assets, revenues, liabilities, expenses, equity, assets, liabilities, revenues, expenses, equity, expenses, revenues, equity, assets, liabilities, assets, liabilities, equity, revenues, expenses, none of the above. The adjusting process at the end of an accounting period is based on what two principles: 3: realization and recognition, historical cost and business entity, going-concern and matching, recognition and matching, none of the above. 5 publish co. issues a monthly magazine with an annual subscription of . 00.
