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ACC 201 exam 1 MSU With Complete Solutions Graded A+

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  • Cell Biology
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  • Cell Biology

ACC 201 exam 1 MSU With Complete Solutions Graded A+

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  • October 12, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Cell Biology
  • Cell Biology
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Denyss
10/12/24, 12:20 PM ACC 201 exam 1 MSU Flashcards | Quizlet



ACC 201 exam 1 MSU
Jeremiah

Terms in this set (34)


Basic accounting equation assets = liabilities + SE

Income Statement Net Income = revenues - expenses (+/- gains & losses)

how to find retained earnings Beginning R/E + Net Income - Dividends = Ending R/E

what does the SEC do? set and enforce accounting standards

what does the FASB do? delegated standard setter

normal balance for assets debit (left)

normal balance for liabilities credit (right)

normal balance for SE credit (right)

normal balance for revenue (increasing) credit (right)

normal balance for expenses (increasing) debit (left)

market to book ratio (# of shares * share price)/SE

SE/# of shares outstanding
price per share/book value per share
reveals how much investors are willing to pay for each $1 of book value

risk of market to book ratio higher the risk, lower the ratio

impacts: revenues, expenses, gains, losses, and RE
closing process (confusing js)
temporary accounts are closed to retained earnings

liquidity ability to meet current maturing debts or short term obligations

working capital current assets - current liabilities

current ratio current assets/current liabilities

solvency measures ability to meet long term obligations

debt-to-assets total liabilities/total assets

debt-to-equity total liabilities/total SE

debt covenants promises a firm makes to its creditors in a formal contract
ACC 201 exam 1 MSU




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