ASU ACC 231- Final Exam| Brand
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State the 4 financial statements and in the order they should be prepared. Why
must they be completed in that order? - Answer✅✅Income statementStatement of
Retained EarningsBalance SheetStatement of Cash FlowsNet income is added in the
statement of retained earnings and the ending balance of retained earnings goes in
the equity section of the balance sheet. Net income also belongs in the first line in
the statement of cash flows (indirect method).
List the 4 types of businesses. - Answer✅✅Corporation, sole proprietorship,
partnership, LLC.
What is the accounting equation? - Answer✅✅A = L + OE
Assets = Liabilities + Owner's Equity
What is another word for statement of operations and what does it consist of? -
Answer✅✅Another word for statement of operations is Income Statement. It
consists of revenues and expenses, gains and losses and even cost of goods sold.
What is the purpose of the statement of retained earnings? What is added and
what is deducted from the beginning balance? - Answer✅✅The profit left over and
kept in the business after expenses, taxes, and dividends are paid. Net income is
added. Dividends are deducted.
New Exam Questions with 100%
Correct Clear Verified Answers|All
Graded A+|Latest Premium
Update|100% Guaranteed Success.
State the 4 financial statements and in the order they should be prepared. Why
must they be completed in that order? - Answer✅✅Income statementStatement of
Retained EarningsBalance SheetStatement of Cash FlowsNet income is added in the
statement of retained earnings and the ending balance of retained earnings goes in
the equity section of the balance sheet. Net income also belongs in the first line in
the statement of cash flows (indirect method).
List the 4 types of businesses. - Answer✅✅Corporation, sole proprietorship,
partnership, LLC.
What is the accounting equation? - Answer✅✅A = L + OE
Assets = Liabilities + Owner's Equity
What is another word for statement of operations and what does it consist of? -
Answer✅✅Another word for statement of operations is Income Statement. It
consists of revenues and expenses, gains and losses and even cost of goods sold.
What is the purpose of the statement of retained earnings? What is added and
what is deducted from the beginning balance? - Answer✅✅The profit left over and
kept in the business after expenses, taxes, and dividends are paid. Net income is
added. Dividends are deducted.
