ASAP PACE Exam Study Review 2024

ASAP PACE Exam Study Review 2024 Financial Accounting - CORRECT ANSWER-used in preparing general purpose financial statements such as income statements, retained earnings statements, balance sheets, and statement of cash flows Income Statement - CORRECT ANSWER-reports a firms profitability for a period of time as measured by the excess of revenues over expenses Revenues - CORRECT ANSWER-increases in net assets resulting from sales of goods or services Expenses - CORRECT ANSWER-costs incurred to generate the revenues Retained Earnings Statement - CORRECT ANSWER-reconciles the beginning balance of RE for the period to the ending balance of RE for the period Net Income ___ RE - CORRECT ANSWER-increases Net Loss ___ RE - CORRECT ANSWER-decreases Dividends ___ RE - CORRECT ANSWER-decrease Balance Sheet - CORRECT ANSWER-reports a firms assets, liabilities, and stockholders equity at a point in time Assets - CORRECT ANSWER-measurable resources of a firm Liabilities - CORRECT ANSWER-obligations owed by a firm to third parties Stockholders Equity - CORRECT ANSWER-the owners interest in the firm Stockholders Equity is Comprised of ___ and ___ - CORRECT ANSWER-contributed capital earnings retained in the firm Statement of Cash Flows - CORRECT ANSWER-Provides a detailed analysis of the changes in cash during the year Transaction - CORRECT ANSWER-an observable and measurable exchange betwee