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Financial Accounting Exam 1 - Chapters 1-3 Questions and Answers 100% Solved $7.99
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Exam (elaborations)

Financial Accounting Exam 1 - Chapters 1-3 Questions and Answers 100% Solved

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  • Course
  • Accounting 101
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  • Accounting 101

Financial Accounting Exam 1 - Chapters 1-3 Questions and Answers 100% Solved Accounting - The information system that identifies, records, and communicates the economic events of an organization to interested users Auditor's Report - A report prepared by an independent outside auditor stati...

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  • January 1, 2025
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Accounting 101
  • Accounting 101
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NinjaNerd
Financial Accounting Exam 1 - Chapters

1-3 Questions and Answers 100% Solved


Accounting - ✔✔The information system that identifies, records, and

communicates the economic events of an organization to interested users

Auditor's Report - ✔✔A report prepared by an independent outside auditor

stating the auditor's opinion as to the fairness of the presentation of the

financial position and results of operations and their conformance with

GAAP

Balance Sheet - ✔✔Reports the assets and claims to those assets

(liabilities and SE) at a specific point in time

Basic Accounting Equation - ✔✔Assets = Liabilities + SE

CPA - ✔✔Certified Public Accountant - Individual has met certain criteria

and allowed to perform audits of corporations

Common Stock - ✔✔Term used to describe the total amount paid in by

stockholders for the shares they purchase

Corporation - ✔✔A business organized as a separate legal entity owned by

stockholders
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©NINJANERD 2025/2026. YEAR PUBLISHED 2025.

, Income Statement - ✔✔Reports a company's revenues and expenses and

resulting net income or loss for a specific period of time

Liabilities - ✔✔Amounts owed to creditors in the form of debts and other

obligations

Management Discussion and Analysis (MD&A) - ✔✔A section of the annual

report that presents management views on the company's ability to pay

near-term obligations, its ability to fund operations and expansion, and its

results of operations

Partnership - ✔✔A business owned by 2 or more persons associated as

partners

Retained Earnings - ✔✔The amount of net income retained in the

corporation

Retained Earnings Statement - ✔✔Beg. R/E Balance + Net income/loss -

Dividends = Ending R/E

Sarbanes-Oaxley Act (SOX) - ✔✔Regulations passed by Congress to

reduce unethical corporate behavior

Sole Proprietorship - ✔✔A business owned by one person




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©NINJANERD 2025/2026. YEAR PUBLISHED 2025.

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