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Accounting 211 Exam 1 Questions And All Correct Answers.

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The 3 types of business activities - Answer Financing activities, investing activities, operating activities Liability - Answer A debt to an outsider Asset - Answer A resource a company has Role of Accounting - Answer Accounting is an information system that provides reports to stakeholders about the economic activities and condition of a business 4 Financial Statements - Answer Income statement, retained earnings sheet, balancing sheet, statement of cash flows Income statement - Answer Reports change in financial condition due to operations revenues and expenses for a period of time Retained earnings sheet - Answer Reports changes in financial conditions due to changes in retained earnings during a period Balance Sheet - Answer Reports financial condition as a point in time Statement of cash flows - Answer Reports change in financial condition from change in cash during a period Accounting equation - Answer assets = liabilities + stockholders equity Retained earnings - Answer The portion of net income retained by the business

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Accounting 211 Exam 1 Questions And
All Correct Answers.
The 3 types of business activities - Answer Financing activities, investing activities, operating activities



Liability - Answer A debt to an outsider



Asset - Answer A resource a company has



Role of Accounting - Answer Accounting is an information system that provides reports to stakeholders
about the economic activities and condition of a business



4 Financial Statements - Answer Income statement, retained earnings sheet, balancing sheet,
statement of cash flows



Income statement - Answer Reports change in financial condition due to operations revenues and
expenses for a period of time



Retained earnings sheet - Answer Reports changes in financial conditions due to changes in retained
earnings during a period



Balance Sheet - Answer Reports financial condition as a point in time



Statement of cash flows - Answer Reports change in financial condition from change in cash during a
period



Accounting equation - Answer assets = liabilities + stockholders equity



Retained earnings - Answer The portion of net income retained by the business

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