ACC 101 Midterm 1 || with 100% Verified Solutions.

ACC 101 Midterm 1 || with 100% Verified Solutions.
What side does assets increase on? correct answers Debit

What side does liabilities increase on? correct answers Credit

What side does owners equity increase on? correct answers Credit

What side does paid in capital increase on? correct answers Credit

What side does Retained earnings increase on? correct answers Credit

What side does revenues increase on? correct answers Credit

What side does expenses increase on? correct answers Debit

What side does dividends increase on? correct answers Debit

Which of the following increase of the debit.
assets
liabilities
owners equity
paid in capital
retained earnings
common stock
revenues
expenses
dividends correct answers assets, expenses, dividends

financial accounting correct answers Focuses on reports gathered for the external users

managerial accounting correct answers Focuses on reports gathered for the internal users

what is an income statement and its equation correct answers reports revenues and expenses,
calculates net income/loss for a period in time. Rev. - Exp. = Net Income/Loss

what comes after the income statement correct answers statement of retained earnings

what is the statement of retained earrings correct answers shows how revenues - expenses has
changed over a period of time.

whats the equation for the statement of retained earnings correct answers beginning balance
retained earnings + net income OR - net loss - Dividends = End Balance Retained Earnings

what comes after the statement of retained earnings? correct answers Balance Sheet