ACC Exam 2 Complete Questions And Correct Detailed Answers.
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Course
ACC.
Institution
ACC.
asset - correct answer a future economic benefit, balance sheet, debit to increase
liability - correct answer an obligation of a business, balance sheet, credit to increase
equity - correct answer the owners' claims on the assets of an entity, credit to increase
revenue - co...
asset - correct answer a future economic benefit, balance sheet, debit to increase
liability - correct answer an obligation of a business, balance sheet, credit to increase
equity - correct answer the owners' claims on the assets of an entity, credit to increase
revenue - correct answer an inflow of assets resulting from the sale of goods and services, credit to
increase
expense - correct answer an outflow of assets resulting from the sale of goods and services, debit to
increase
retained earnings - correct answer the part of stockholders' equity that represents the income earned
less dividends paid over the life of an entity
dividends - correct answer a distribution of the net income of a business to its stockholders, debit to
increase
capital stock - correct answer indicates the owners' contributions to a corporation, balance sheet,
credit to increase
stockholder - correct answer one of the owners of a corporation
creditor - correct answer someone to whom a company or person has a debt
transactions are recorded using a - correct answer source document
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