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ACC 290 Final Exam Study Guide:

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ACC 290 Final Exam Study Guide: The best definition of assets is the owners’ investment in the business. cash owned by the company. resources belonging to a company that have future benefit to the company. collections of resources belonging to the company and the claims on...

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  • February 22, 2022
  • 14
  • 2022/2023
  • Exam (elaborations)
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ACC 290 Final Exam Study Guide:

Multiple Choice Question 92




The best definition of assets is the




owners’ investment in the business.



cash owned by the company.



resources belonging to a company that have future benefit to the company.



collections of resources belonging to the company and the claims on these resources.




Multiple Choice Question 98




Which of the following is not a liability?




Accounts Payable



Accounts Receivable



Interest Payable



Unearned Service Revenue




Multiple Choice Question 99

, Which of the following financial statements is divided into major categories of operating, investing,
and financing activities?




The balance sheet.



The retained earnings statement.



The statement of cash
flows.

The income statement.




Multiple Choice Question 101




Ending retained earnings for a period is equal to beginning




Retained earnings + Net income + Dividends.



Retained earnings + Net income – Dividends.



Retained earnings – Net income + Dividends.



Retained earnings – Net income – Dividends.




Multiple Choice Question 47




Which of the following is not an advantage of the corporate form of business organization?

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