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BUS 201 Final Exam Questions And Answers With Complete Solutions
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Benefits of a corporation include easier to transfer ownership, raise funds, and no personal liability. Stockholders' equity is comprised of common stock and retained earnings the definition of accounting the info system that identifies records, and communicates economic events of an organiza...

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  • July 6, 2023
  • 8
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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BUS 201 Final Exam Questions And Answers
With Complete Solutions
Benefits of a corporation include easier to transfer ownership,
raise funds, and no personal liability.

Stockholders' equity is comprised of common stock and retained
earnings

the definition of accounting the info system that identifies
records, and communicates economic events of an organization
to interested users.

Borrowing money is an example of a financing activity

The essential point of the double entry system of accounting is
that every transaction affects two or more ledger accounts and is
recorded by an equal amount of debits and credits.

The best definition of assets is the resources belonging to a
company have future benefit to the company.

Debts and obligations are referred to as liabilities

Ending retained earnings Beginning Retained Earnings + Net
Income - Dividends

Net income results when Revenues > Expenses

, What do dividends represent? Dividends represent a portion of
corporate profits that are paid to shareholders. They belong on
the retained earnings statement.

The Accounting Equation may be expressed as Assets =
Liabilities + Stockholders' Equity

The balance sheet Reports the assets, liabilities, stockholders'
equity at a specific date.

Liabilities are generally classified on a balance sheet as current
liabilities and long term liabilities

The operating cycle of a company is the average time that it is
required to go from cash to cash in producing revenues

On a classified balance sheet, companies usually list current
assets in the order in which they are expected to be converted
into cash.

The Accounting Equation may be expressed as Assets =
Liabilities + Stockholders' Equity.

Reporting a net income of $95,000 would increase retained
earnings.

Current Ratio Current Assets/Current Liabilities

IASB Issues accounting standards outside of the U.S.

SEC oversees U.S. financial market

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