ACCT 200 Exam 1: University of Arizona (Stussie) Questions and Correct Answers/ Latest Update / Already Graded

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ACCT 200 Exam 1: University of Arizona
(Stussie) Questions and Correct Answers/
Latest Update / Already Graded
Three Types of Businesses

Ans: sole proprietorship, partnership, corporation


Sole Proprietorship

Ans: business owned by one person


Partnership

Ans: business owned by two or more people associated as
partners


Corporation

Ans: separate legal entity for which evidence of ownership is
provided by shares of stock


Types of Financial Statements

Ans: income statement, statement of retained earnings,
balance sheet, statement of cash flows

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Beg RE + Net Income - Dividends = End RE

Ans: Equation for Ending Retained Earnings


4000

Ans: If A = 6,000, SE = 2,000, L = ?


3000

Ans: If L ↑ 4,000, SE ↓ 1,000, then A?


Financial Accounting Standards Board (US standard-setting body)

Ans: What does FASB stand for?


Generally Accepted Accounting Principles (US rules for financial
reporting)

Ans: What does GAAP stand for?


International Accounting Standards Board (International standard-
setting body)

Ans: What does IASB stand for?

All rights reserved © 2025/ 2026 |