PACE Exam Questions and Answers 100% Correct!

what are assests - ANSWER-resources controlled by company basic elements of balance sheet - ANSWER-assests liabilities stockholder equity sole proprietorship - ANSWER-1 person owning company partnership - ANSWER-2 or more owners corporation - ANSWER-separate entityfrom legeal and accounting perspective accounting equation - ANSWER-A=L+SE how are debits and credits displayed - ANSWER-DR on left and CR on right expenses - ANSWER-all cost of doing business that are necessary to earn revenue purpose of retained earnings - ANSWER-reports the way net income and distribution of dividends affect financial position retained earning formula - ANSWER-beg RE + NI - DIVIDENDS=end RE headings of financial statements contain - ANSWER-COMPANY NAME TYPE OF STATEMENT DATE cash flows - ANSWER-Financing Investing Opertating