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ACC 201 Certification Exam Questions With Correct Answers Graded A+. $12.99   Add to cart

Exam (elaborations)

ACC 201 Certification Exam Questions With Correct Answers Graded A+.

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  • Course
  • ACC.
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  • ACC.

Accounting - correct answer Information system that identifies, records and communicates the economic events Income Statement - correct answer To show how sucessfully your business performed during a certain time (Revenues and Expenses) Retained Earnings Statement - correct answer ...

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  • September 19, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ACC.
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Rechga
ACC 201

Accounting - correct answer Information system that identifies, records and communicates the
economic events



Income Statement - correct answer To show how sucessfully your business performed during a
certain time (Revenues and Expenses)



Retained Earnings Statement - correct answer How much previous income was distributed to owners
and how much was retained for future growth

- Add Net Income. Deduct Dividends.



Balance Sheet - correct answer At a point in time showing what your business owns (assets) and what
it owes (liabilities&s.e)



Statement of Cash Flows - correct answer Show where your business obtained cash during a period of
time and how that cash was used

- Where did cash come from during this period?

- How was cash used during this period?



Sole Propietorship - correct answer Business owned by one person

(Barber shops, law offices, farms)



Partnership - correct answer Owned by 2 or more people associated as partners

(Lawyers, architects, doctors)



Corporation - correct answer Organized as a seperate legal entity owned by stockholders

(coca-cola, microsoft)

, Sarbanes-Oxley Act (SOX) - correct answer Passed by Congress to reduce unethical coporate behavior
and decrease the likelihood of future corporate scandals. Relates to public companies.



Assets - correct answer Resources owned by a business

Example: cash, pp&e, accounts recievable



Liabilities - correct answer Amounts owed to creditors

Example: note payable, bonds payable



Stockholder's Equity - correct answer The owners claim to assets

Example: common stock, retained earnings, dividends



Common Stock - correct answer Under SE.

Results when the company sells new shares of stock



Retained Earnings - correct answer Under SE.

The net income retained in the corporation



Dividends - correct answer Under SE.

Cash payments to stockholders



Revenues - correct answer Amounts earned on a sale or service



Expenses - correct answer What's necessary to produce and sell the product. Asset consumed or
service used

Example: cost of goods sold, *anything ending in expense*



Net Income - correct answer When total revenues exceed total expenses

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