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ACC 201 Exam Study Guide | Questions with 100% Correct Solutions $11.49
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ACC 201 Exam Study Guide | Questions with 100% Correct Solutions
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  • ACC 201
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  • ACC 201

an adjusted trial balance - Answer is a list of all accounts and their balances after adjusting entries intangible assets - Answer patents, copyrights, franchises, and trademarks corporation - Answer the form of business organization that is legally separate from its owners

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  • August 8, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • acc 201 exam study guide questions

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  • ACC 201
  • ACC 201

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ACC 201 Exam Study Guide | Questions with
100% Correct Solutions

an adjusted trial balance - Answer is a list of all accounts and their balances after
adjusting entries


intangible assets - Answer patents, copyrights, franchises, and trademarks


corporation - Answer the form of business organization that is legally separate from its
owners


balance sheet - Answer the financial statement that represents activity over the entire
life of the company


income statement - Answer reports the company's revenues and expenses over an
interval of time


statement of stock holders equity - Answer the statement that summarizes the changes
in stockholders equity over an interval of time


common stock - Answer amount invested by stockholders


retained earnings - Answer cumulative amount of net income prior to dividends
distribution


balance sheet - Answer the statement that present the financial position of the
company on a particular date

, cash - Answer "real money" the most liquid resource that you can use to make
purchases


accounts receivable - Answer money the company expects to receive in the future from
customers


supplies - Answer consumable resources for main operationg


equipment - Answer durable, long-term resources for providing products/services to
customers


accounts payable - Answer money the company owes to regular vendors


notes payable - Answer borrowing


salaries, utilities, interest, etc. payable - Answer amounts that must be paid for the
respective item


operating cash flows - Answer include transactions involving revenue and expense
activities of a company


investing activities - Answer include purchase and sale of long term assets


financing activities - Answer include transactions with stockholders and creditors


accrual-basis accounting - Answer helps measure and report revenues and expenses in a
way the clearly reflects the ability of a company to create value for its stockholders

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