Financial Accounting 1 for Economics - 6011P0230Y - UvA - Studeersnel (2024)

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Gerelateerde Vragen met Antwoorden

  • Financial Accounting 1 for Economics (6011P0230Y)3 maanden geledenAn accountant has determined that income before tax amounted to $9000 using the FIFO costing assumption. If the income tax rate is 30% and the amount of income taxes paid would be $420 greater than the average-cost assumption were used, what would be the amount of income before taxes under the average-cost assumption?a. $9420b. $10 420c. $8 020d. $8 580Antwoorden
  • Financial Accounting 1 for Economics (6011P0230Y)3 maanden geledenFinancial information states:Operating expenses = $250 000Sales return and allowances = $70 000Sales discounts = $26 000Sales revenues = $900 000Cost of Goods Sols = $418 000Find the gross profit rateAntwoorden
  • Financial Accounting 1 for Economics (6011P0230Y)3 maanden geledenFinancial information states:Operating expenses = $250 000Sales return and allowances = $70 000Sales discounts = $26 000Sales revenues = $900 000Cost of Goods Sols = $418 000Find the gross profitAntwoorden
  • Financial Accounting 1 for Economics (6011P0230Y)3 maanden geledenWing company only performs services on account and had the following transactions during 2021:Service revenue of $72 000Collected $32 000 cash for services performed in 2021 and $2000 fo services to be performed in 2022Paid $ 10,000 vinsurance fee running from July 01 2021 until June 30 2022.Purchased airline tickets for $4000 in December 2021 for a trip to take place in 2022.What is his net income using accrual accounting?Antwoorden
  • Financial Accounting 1 for Economics (6011P0230Y)8 maanden geledenWhy is the answer for the following question 1 and not 4?:Hello Inc. performed services for $390,000. The company collected $130,000 in cash. The balance will be collected in 30 days. This transaction results in an increase in...Liabilities and Equity by $390,000.Assets by $130,000 and Equity by $260,000.Assets and Equity by $390,000.Assets by $130,000, Liabilities by $260,000 and Equity by $390,000.Antwoorden
Financial Accounting 1 for Economics - 6011P0230Y - UvA - Studeersnel (2024)

FAQs

Is Financial Accounting 1 a hard class? ›

The very first classes you take in accounting should provide a challenge but shouldn't be anything to lose any sleep over. In your very first accounting classes, you're likely to learn about some simple accounting concepts, but if these are all entirely new to you, then there'll be a lot to learn.

What is financial accounting 1? ›

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.

What is the hardest accounting exam? ›

The FAR section of the CPA exam is hard because it's the most comprehensive of the 4 exam sections, and it has a lot of math questions that are mentally taxing to get through. It has the lowest pass rate of all 4 exam sections and is considered the hardest CPA exam section.

Why is financial accounting so hard? ›

Accounting isn't always straightforward, sometimes it requires digging for information, piecing things together, and uncovering financial details that aren't obvious, especially when conducting an audit or performing complex tax calculations. If you enjoy puzzles, this could be the perfect role for you.

Does financial accounting involve math? ›

Math ranks among the most essential skills for accountants and financial analysts. But that doesn't mean accountants have to take upper-division math classes in college. A bachelor's in accounting builds the math skills that accountants, auditors and financial analysts use in their jobs.

What math is in accounting 1? ›

Accounting isn't hard-core math. It's basic addition, subtraction, multiplication, and division. Possibly some light, entry-level algebra, but that's it. You don't have to understand calculus.

What is the difference between accounting 1 and 2? ›

Accountant I is the entry-level professional job in this series. Accountant II is the first-level supervisory job in this series. Accountant III is the second-level supervisory job in this series.

What do you learn in accounting 1 class? ›

Students will begin by using T accounts, then learn procedures such as entering transactions into journals, posting to ledgers, completing work sheets, preparing financial statements, adjustments, and closing entries.

What is accounting 1 class? ›

In Accounting I, students will investigate the field of accounting, including how it is impacted by industry standards as well as economic, financial, technological, international, social, legal, and ethical factors.

What is the easiest accounting class? ›

Intermediate accounting is a course that is at the professional core level and has many reviews for being one of the easiest accounting courses. Accounting majors must take intermediate accounting I and II. Some students find that Intermediate Accounting II is easier after taking Intermediate Accounting I.

Is intermediate accounting 1 hard? ›

Both students and instructors alike will generally agree that intermediate accounting courses are among the most difficult and demanding in an accounting or finance curriculum, and perhaps even on the college campus.

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