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WSU Accounting 230 Exam 1 Study Guide.
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WSU Accounting 230 Exam 1 Study Guide. Accounting Equation - answerAssets = Liabilities + Equity Assets - answerMoney and other valuables belonging to an individual or business. Liabilities - answerDebts that you owe Stockholders' Equity - answerThe owners' claim to assets. Common Stock and Re...

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  • November 13, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
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  • wsu accounting 230 exam 1 study guide

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  • WSU Accounting 230
  • WSU Accounting 230

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©THEBRIGHT EXAM SOLUTIONS

11/7/2024 12:35 PM


WSU Accounting 230 Exam 1 Study Guide.


Accounting Equation - answer✔Assets = Liabilities + Equity

Assets - answer✔Money and other valuables belonging to an individual or business.

Liabilities - answer✔Debts that you owe

Stockholders' Equity - answer✔The owners' claim to assets.


Common Stock and Retained Earnings

Dividends - answer✔Earnings distributed to stockholders

Financing Activities - answer✔Includes cash transactions resulting from the external financing
of a business.


Creditors that loan money.

Operating Activities - answer✔Transactions related to the primary operations of the company;
providing products to customers, utilities, taxes, advertising, wages, rent, and maintenance.

Investing Activities - answer✔Purchase and sale of long-term investments; land, buildings,
equipment, and machinery.

Retained Earnings Calculation - answer✔Revenue - Expenses - Dividends

Expanded Accounting Equation - answer✔Assets=Liabilities + Revenues - Expenses - Dividends

Components of Income Statement - answer✔Revenue - Expenses = Net Income

Components of Statement of Stockholder's Equity - answer✔Common Stock + Retained
Earnings (Net Income - Dividends)

Components of the Balance Sheet - answer✔Assets=Liabilities +Stockholders Equity

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