BMGT 220 Study Guide - Final Guide: Trial Balance, Deferral, Accounting Information System

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 220
• Professor: Nilanjan Basu

Document Summary

Which of the following best describes accounting? is an information system that provides reports to stakeholders. Which of the following is not a step in providing accounting information to stakeholders? prepare accounting surveys. Aztec company is selling a piece of land adjacent to their business. An appraisal reported the market value of the land to be ,000. The majestic company initially offered to buy the land for ,000. The companies settled on a purchase price of. On the same day, another piece of land on the same block sold for ,000. A business paid ,000 to a creditor in payment of an amount owed. The effect of the transaction on the accounting equation was to ________. decrease an asset, decrease a liability. The kennedy company sold land for ,000 in cash. The land was originally purchased for ,000, and at the time of the sale, ,000 was still owed to first national bank on that purchase.