Accounting Exam 1 Review 2023 with correct answers graded A+

Managerial Accounting - Focuses on providing information for internal purposes (those who work for the organization), such as managers and employees Financial Accounting - Focuses on providing information for external purposes (those outside of the organization), such as investors, creditors, and customers Williams Travel Services pays $100 cash for salaries expense, how would this affect the accounting equation? - Assets decrease (cash decreases) and Equity decreases (expenses, salaries expenses in this case, causing retained earnings to decrease) The Tanger Company has the following data: Service Revenue = $10,000 Rent Expense = $2,000 Salaries Expense = $1,200 Utilities Expense = $800 What is the Net Income? - 6,000 BECAUSE the net income is revenue loss expenses so, 10,000-2,000-1,200-800= 6,000 in net income Graff Company had the following data for the month of November