Z (FAR Final Review)

Question 1

Expected PV

Answer 1

think of probability

Question 2

accounting cycle 10 steps

Answer 2

4 chunks: (prepare txn JE, record in journal, post txn JE to GL, prepare trial balance)
transaction JE 
adjusting JE
FS
closing JE

Question 3

adjusting JE 2 types

Answer 3

accrual adj JE: adj JE before txn JE with cash

deferral adj JE: txn JE with cash before adj JE