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acct 201 final Exam Questions and Correct Answers

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Institution Acct 201
Course Acct 201
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acct 201 final Exam Questions and Correct Answers

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acct 201 final Exam Questions and Correct
Answers
balance sheet

assets

liabilities

equity

income statement

revenue

expense

gains/losses

gross profit

net income/loss

statement of retained earning

beginning capital

contributed capital

ending capital

statement of cash flow

listing of cash inflows/outflows

operating

investing

financing

steps in accounting cycle

, identity

journalize

communicate

cost principle

record at cost

revenue recognition

revenue recognized when earned

matching principle

expenses and related revenue recorded in the same period

adjusting entries

depreciation

accruals interest/revenue

prepaid

LIFO

last in first out

FIFO

first in first out

cost of goods sold

beginning inventory plus net purchases minus ending inventory

gross profit

sales minus cost of goods sold

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