ASAP PACE exam (question and answers) 2024

ASAP PACE exam (question and answers) 2024 what are assests - CORRECT ANSWER-resources controlled by company basic elements of balance sheet - CORRECT ANSWER-assests liabilities stockholder equity sole proprietorship - CORRECT ANSWER-1 person owning company partnership - CORRECT ANSWER-2 or more owners corporation - CORRECT ANSWER-separate entityfrom legeal and accounting perspective accounting equation - CORRECT ANSWER-A=L+SE how are debits and credits displayed - CORRECT ANSWER-DR on left and CR on right expenses - CORRECT ANSWER-all cost of doing business that are necessary to earn revenue purpose of retained earnings - CORRECT ANSWER-reports the way net income and distribution of dividends affect financial position retained earning formula - CORRECT ANSWER-beg RE + NI - DIVIDENDS=end RE headings of financial statements contain - CORRECT ANSWER-COMPANY NAME TYPE OF STATEMENT DATE cash flows - CORRECT ANSWER-Financing Investing Opertating operating - CORRECT ANSWER-running the business; short term asset change asset and liabilities investing - CORRECT ANSWER-buying and selling resources; long term asset financing - CORRECT ANSWER-borrowing from banks ; long term liability; stocks and bonds dividends - CORRECT ANSWER-distribut