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ACCOUNTING 1 TEST 1 QUESTIONS WITH 100% SOLVED ANSWERS!!

Accounting 1 Final Exam With Guaranteed Accurate Answers

TEST BANK FOR ACCOUNTING FOR GOVERNMENTAL & NONPROFIT ENTITIES 18TH EDITION JACQUELINE RECK, SUZANNE LOWENSOHN, DANIEL NEELY | VERIFIED QUESTIONS AND ANSWERS | COMPLETE GUIDE A+.

What is the fundamental accounting equation? - ANS Assets = Liabilities + Owners Equity Amounts owned by a business are referred to as... - ANS Liabilities Which of the following is not considered an account? a. Accounts Receivable b. Revenues c. Accounts Payable d. Cash e. Equipment - ANS b. Revenues A business received $600 cash from Charge Customers to apply on account. The effect of the transaction is an increase in assets (A/R) and a... - ANS decrease in an asset (cash) When a T a...

Balance Sheet Assets = Liabilities + Stockholders' Equity Assests Cash, Inventory, Prepaid Expenses, Total Current Assets, Property-Plant-Equipment, Notes Receivables, Liabilities Current liabilities, accounts payable, taxes payable, accured expenses, Long Term liabilities Stockholders Equity Common stock , Retained Earnings Retained Earnings Statement Beginning Retained Earnings + Net Income - Dividends = Ending Retained Earnings Income Statement Income + Services Expenses - Salar...