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ACC Exam 2 Complete Questions And Correct Detailed Answers. $12.99   Add to cart

Exam (elaborations)

ACC Exam 2 Complete Questions And Correct Detailed Answers.

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  • Course
  • ACC.
  • Institution
  • ACC.

asset - correct answer a future economic benefit, balance sheet, debit to increase liability - correct answer an obligation of a business, balance sheet, credit to increase equity - correct answer the owners' claims on the assets of an entity, credit to increase revenue - co...

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  • September 19, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ACC.
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ACC Exam 2

asset - correct answer a future economic benefit, balance sheet, debit to increase



liability - correct answer an obligation of a business, balance sheet, credit to increase



equity - correct answer the owners' claims on the assets of an entity, credit to increase



revenue - correct answer an inflow of assets resulting from the sale of goods and services, credit to
increase



expense - correct answer an outflow of assets resulting from the sale of goods and services, debit to
increase



retained earnings - correct answer the part of stockholders' equity that represents the income earned
less dividends paid over the life of an entity



dividends - correct answer a distribution of the net income of a business to its stockholders, debit to
increase



capital stock - correct answer indicates the owners' contributions to a corporation, balance sheet,
credit to increase



stockholder - correct answer one of the owners of a corporation



creditor - correct answer someone to whom a company or person has a debt



transactions are recorded using a - correct answer source document

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