accounting 101 Exam questions with correct answers 2026/2027 Edition Graded A+ Retained earnings statement -the financial statement that summarizes the changes in retained earning for a specific period of time The company's policy toward divi

ACC 1O1/102/202
ACC/FIN/110.
Accounting
CPA 2026/2027 BUSINESS

, accounting 101 Exam
questions with correct answers
2026/2027 Edition Graded A+
Retained earnings statement - ✅✅the financial statement that
summarizes the changes in retained earning for a specific period of
time
The company's policy toward dividends and growth could best be
determined by examining this


Liabilities - ✅✅debt and obligations of a business are referred


Net income results when - ✅✅revenues > expenses


Retained earnings at the end of the period is equal to - ✅✅retained
earnings at the beginning of the period plus net income minus
dividends


Income statement - ✅✅presents the revenues and expenses for a
specific period of time

, If the retained earnings account increases from the beginning of the
year to the end of the year, then - ✅✅net income is greater than
dividends


The retained earning statements would not show - ✅✅revenues
and expenses


Which financial statement is prepared first - ✅✅income statment


Balance sheet shows - ✅✅assets, liabilities, and stockholders'
equity
ALOE
assets


liabilities
owner's equity


Payments to stockholders are called - ✅✅dividends


Common stock is reported on the - ✅✅balance sheet and retained
earnings statement