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Accounting 101- Exam 1 with complete solutions 2024_2025 $11.99   Add to cart

Exam (elaborations)

Accounting 101- Exam 1 with complete solutions 2024_2025

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  • Course
  • Accounting 101
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  • Accounting 101

Accounting 101- Exam 1 with complete solutions 2024_2025

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  • October 1, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Accounting 101
  • Accounting 101
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Accounting 101- Exam 1 with complete
solutions 2024/2025




types of business - ANSWER-sole proprietorship, partnership, corporation

sole proprietorship - ANSWER-single owner of a business

partnership - ANSWER-2 or more owners of a business

corporation - ANSWER-ownership evidenced by shares of stock

balance sheet - ANSWER-current financial condition that summarizes the assets,
liabilities and owners' equity at a specific time point

income statement - ANSWER-how a business performs with in a period of time;
summarizes revenues and expenses

statement of retained earnings - ANSWER-analysis of retained earnings with in
time period; summarizes the income earned and dividends paid

who uses the financial statements - ANSWER-creditors, current and potential
owners, suppliers, banks, government agencies, trade associates

assets - ANSWER-future economic benefits

liabilities - ANSWER-obligations of a business

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