ACCOUNTING 101 Study guides, Class notes & Summaries

Accounting 101 Exam CH 1-4 Questions & Answers 2023/2024 Accounting Equation - ANSWER-Assets= Liabilities + stockholder's equity Assets - ANSWER-Resources owned by company Liabilities - ANSWER-Rights of the creditors or amounts owed to creditors Equity - ANSWER-Rights of the owner AED - ANSWER-Assets, Expenses, Dividends = Normal debit balance and increase on the debit side LER - ANSWER-Liabilities, Equity, Revenue = Normal credit balances and increase on the credit side A...

Accounting 101 Final Exam Study Guide 2022-23 Questions with Correct Answers |100% Verified

A. Tangible assets used in the operation of a business that have a useful life of more than one accounting period 66. Plant assets are: A. Tangible assets used in the operation of a business that have a useful life of more than one accounting period. B. Current assets. C. Held for sale. D. Intangible assets used in the operations of a business that have a useful life of more than one accounting period. E. Tangible assets used in the operation of business that have a useful life of le...

Retained earnings statementthe financial statement that summarizes the changes in retained earning for a specific period of time The company's policy toward dividends and growth could best be determined by examining this Liabilitiesdebt and obligations of a business are referred Net income results whenrevenues > expenses Retained earnings at the end of the period is equal toretained earnings at the beginning of the period plus net income minus dividends

AccountA record that summarizes all the transactions pertaining to a single item in the accounting equation. Account balanceThe difference between the increases and decreases in an account. Account numberThe number assigned to an account. Account titleThe name given to an account. AccountingThe process of planning, recording, analyzing, and interpreting financial information. Accounting clerkAn accounting worker who processes routine details about accounting transactions.

Equity What Shareholders own Asset Anything of value that is owned Liability an amount owed Balance Sheet Statement showing a point in time Revenue incoming money Expense Money spen

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Accounting 101 - Exam 1 Exam with complete solutions latest update

Accounting 101 chapter 1 Exam with complete solutions latest update

Accounting 101 Exam 1 Exam with complete solutions latest update

Accounting 101 Formulas Exam with complete solutions latest update