ACCOUNTING_101_IVY_TECH_FINAL_PAPER_2026_PRACTICE_QUESTIONS_AND.

ACCOUNTING 101 IVY TECH FINAL PAPER
2026 PRACTICE QUESTIONS AND
ACCURATE ANSWERS PREMIUM
RESOURCE GRADED A+

⩥ Liabilities.
Answer: debt and obligations of a business are referred


⩥ Net income results when.
Answer: revenues > expenses


⩥ Retained earnings at the end of the period is equal to.
Answer: retained earnings at the beginning of the period plus net income
minus dividends


⩥ Income statement.
Answer: presents the revenues and expenses for a specific period of time


⩥ If the retained earnings account increases from the beginning of the
year to the end of the year, then.
Answer: net income is greater than dividends

,⩥ The retained earning statements would not show.
Answer: revenues and expenses


⩥ Which financial statement is prepared first.
Answer: income statment


⩥ Balance sheet shows.
Answer: assets, liabilities, and stockholders' equity
ALOE
assets


liabilities
owner's equity


⩥ Payments to stockholders are called.
Answer: dividends


⩥ Common stock is reported on the.
Answer: balance sheet and retained earnings statement


⩥ Stockholders' equity is comprised of.
Answer: common stock and retained earnings

, ⩥ Where will accounts payable show up?.
Answer: current liabs.


⩥ Where will revenue show up?.
Answer: income or RE statement


⩥ Where will inventory show up?.
Answer: current assets


⩥ Where will land show up?.
Answer: non-current assets


⩥ Where will common stock show up?.
Answer: stockholders' equity


⩥ Where will accounts receivable show up?.
Answer: current assets


⩥ Where will investments in real estate show up?.
Answer: non-current assets