Accounting 1 Final Exam CORRECT ALL ANSWERS 100% SPRING FALL-2023/24 EDITION GUARANTEED GRADE A+

Balance Sheet Assets = Liabilities + Stockholders' Equity Assests Cash, Inventory, Prepaid Expenses, Total Current Assets, Property-Plant-Equipment, Notes Receivables, Liabilities Current liabilities, accounts payable, taxes payable, accured expenses, Long Term liabilities Stockholders Equity Common stock , Retained Earnings Retained Earnings Statement Beginning Retained Earnings + Net Income - Dividends = Ending Retained Earnings Income Statement Income + Services Expenses - Salaries - Tax - Insurance - Advertising DEAD Debits Expenses Assets Dividends CRILL Credits Revenue Investments (Stockholders Equity) Liabilities Accounting Equation Assets = Liabilities + Owner's Equity Income Statement Equation Revenue - Expenses = Net Income Balance Sheet Equation Assets = Liabilities + Owner's Equity Annual Report 1. Financial Statements 2. Management Discussion/Analysis 3. Notes to the Financial Statements 4. Auditors Report Current Assets Cash, Investments, Receivables, Inventories, Prepaid Expenses Current Liabilities Accounts Payable, Salaries payable, notes payable, interest payable, income taxes payable Long Term Liabilities bonds payable, mortgages payable, long-term notes payable, lease liabilities, and pension liabilities Relevance 1. Difference in a Business Decision 2. Predictive Value 3. Provides accurate expectations for future 4. Confirmatory Value 5. Materiality Faithful Representation 1. Completeness 2. Neutrality 3. Free from error Assumptions in Financial Reporting 1. Monetary Unit 2. Economic Entity 3. Periodicity 4. Going Concern Trial Balance 1. List of accounts and their balance at a given time CONTINUED...