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WSU ACCOUNTING 230 EXAM 1 QUESTIONS AND ANSWERS 100% PASS 2026 UPDATE.

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WSU ACCOUNTING 230 EXAM 1 QUESTIONS AND ANSWERS 100% PASS 2026 UPDATE.

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WSU ACCOUNTING 230 EXAM 1
QUESTIONS AND ANSWERS 100% PASS
2026 UPDATE.




Accounting Equation - ANS Assets = Liabilities + Equity


Assets - ANS Money and other valuables belonging to an individual or business.


Liabilities - ANS Debts that you owe


Stockholders' Equity - ANS The owners' claim to assets.


Common Stock and Retained Earnings


Dividends - ANS Earnings distributed to stockholders


Financing Activities - ANS Includes cash transactions resulting from the external financing of a
business.


Creditors that loan money.


Operating Activities - ANS Transactions related to the primary operations of the company;
providing products to customers, utilities, taxes, advertising, wages, rent, and maintenance.

1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.

, Investing Activities - ANS Purchase and sale of long-term investments; land, buildings,
equipment, and machinery.


Retained Earnings Calculation - ANS Revenue - Expenses - Dividends


Expanded Accounting Equation - ANS Assets=Liabilities + Revenues - Expenses - Dividends


Components of Income Statement - ANS Revenue - Expenses = Net Income


Components of Statement of Stockholder's Equity - ANS Common Stock + Retained Earnings
(Net Income - Dividends)


Components of the Balance Sheet - ANS Assets=Liabilities +Stockholders Equity


Assets on the left.
Liabilities on the right.
SE on the right.


Components of Statement of Cash Flows - ANS Cash from operating, investing, and financing
activities


Examples of Asset Accounts - ANS - Cash
- Accounts Receivable
- Notes Receivable
- Supplies
- Inventory
- Buildings
- Land

2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.

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