2024 FINANCIAL ACCOUNTING 1 NEWEST PRACTICE EXAM COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES VERIFIED ANSWERS ALREADY GRADED A+ Accounting is an information measurement system that... - ANS-Identifies, records and commu

2024 FINANCIAL ACCOUNTING 1 NEWEST PRACTICE EXAM COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES VERIFIED ANSWERS ALREADY GRADED A+ Accounting is an information measurement system that... - ANS-Identifies, records and communicates information about business activities by interpreting info and designing info systems to allow business to make better decisions The Accounting Equation is... - ANS-Assets=Liabilities + Owner's Equity $100 = $10 + $90 Assets - ANS-Everything a company owns Accounts Receivable - ANS-Assets created by selling goods/services on credit Liabilities - ANS-Debts created by purchasing goods/services on credit Accounts Payable - ANS-liabilities created by purchasing goods/services on credit Unearned Revenue - ANS-Liabilities created when a customer pays before the revenue is earned