ACC 101 Midterm 1 || with 100% Verified Solutions.
10 views 0 purchase
Course
ACC 101
Institution
ACC 101
What side does assets increase on? correct answers Debit
What side does liabilities increase on? correct answers Credit
What side does owners equity increase on? correct answers Credit
What side does paid in capital increase on? correct answers Credit
What side does Retained earnings in...
ACC 101 Midterm 1 || with 100% Verified Solutions.
What side does assets increase on? correct answers Debit
What side does liabilities increase on? correct answers Credit
What side does owners equity increase on? correct answers Credit
What side does paid in capital increase on? correct answers Credit
What side does Retained earnings increase on? correct answers Credit
What side does revenues increase on? correct answers Credit
What side does expenses increase on? correct answers Debit
What side does dividends increase on? correct answers Debit
Which of the following increase of the debit.
assets
liabilities
owners equity
paid in capital
retained earnings
common stock
revenues
expenses
dividends correct answers assets, expenses, dividends
financial accounting correct answers Focuses on reports gathered for the external users
managerial accounting correct answers Focuses on reports gathered for the internal users
what is an income statement and its equation correct answers reports revenues and expenses,
calculates net income/loss for a period in time. Rev. - Exp. = Net Income/Loss
what comes after the income statement correct answers statement of retained earnings
what is the statement of retained earrings correct answers shows how revenues - expenses has
changed over a period of time.
whats the equation for the statement of retained earnings correct answers beginning balance
retained earnings + net income OR - net loss - Dividends = End Balance Retained Earnings
what comes after the statement of retained earnings? correct answers Balance Sheet
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
