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EOPA Financial Accounting. Top Exam Questions and answers, 100% Accurate, verified.
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EOPA Financial Accounting. Top Exam Questions and answers, 100% Accurate, verified. Basic Accounting Equation - -assets= liabilities + stockholders' equity Assets - --own -debit -economic resources presently controlled by the company that have measurable value and are expected to benefit ...

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  • July 25, 2023
  • 3
  • 2022/2023
  • Exam (elaborations)
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EOPA Financial Accounting. Top Exam
Questions and answers, 100% Accurate,
verified.

Basic Accounting Equation - ✔✔-assets= liabilities + stockholders' equity



Assets - ✔✔--own

-debit

-economic resources presently controlled by the company that have measurable value and are expected
to benefit the company by producing cash inflows or reducing cash outflows in the future (cash,
supplies, furniture, equipment)



Liabilities - ✔✔--owe

-credit

-measurable amounts that the company owes to credits (notes payable -loans, accounts payable)



Stockholders' equity - ✔✔--investments and retained earnings

-credit

owners' claim to the business resources (common stock and retained earning)



Net Income - ✔✔-Revenues-expenses =net income



Revenues - ✔✔--earned

-credit

-sales of goods or services to customers. they are measured at the amount the business charges the
customer



Expenses - ✔✔--incurred

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