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Accounting - Chapter 1 questions & answers.
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  • Accounting 101
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  • Accounting 101

Accounting - Chapter 1 questions & answers.

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  • August 29, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting chapter 1 questions answers

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  • Accounting 101
  • Accounting 101

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Accounting - Chapter 1 questions &
answers.

accounting ANS - planning, recording, analyzing, and interpreting financial information



accounting system ANS - a planned process for providing financial information that will be useful to
management



accounting records ANS - organized summaries of a business's financial activities



financial statements ANS - financial reports that summarize the financial condition and operations of a
business



service business ANS - a business that performs an activity for a fee



proprietorship ANS - a business owned by one person



asset ANS - anything of value that is owned



equities ANS - financial rights to the assets of a business



liability ANS - an amount owed by a business



owners equity ANS - the amount remaining after the value of all liabilities is subtracted from the value
of all assets



accounting equation ANS - an equation showing the relationship among assets, liabilities, and owner's
equity

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