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ACG 2021 Block 1 Practice Questions and Correct Answers
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  • Course
  • ACG 2021
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  • ACG 2021

Accounting Equation Assets = Liabilities + Stockholder's Equity Expanded Accounting Equation Assets = Liabilities + Stockholder's Equity Stockholder's Equity is broken down into Common Stock + Retained Earnings. Retained Earnings is then broken down into Revenues - Expenses - Dividends Net ...

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  • August 11, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • acg 2021 block 1 practice questions and correct a
  • accounting equation assets liabilities stockh
  • expanded accounting equation assets liabilities

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  • ACG 2021
  • ACG 2021

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ACG 2021 Block 1 Practice Questions
and Correct Answers
Accounting Equation ✅Assets = Liabilities + Stockholder's Equity

Expanded Accounting Equation ✅Assets = Liabilities + Stockholder's Equity
Stockholder's Equity is broken down into Common Stock + Retained Earnings.
Retained Earnings is then broken down into Revenues - Expenses - Dividends

Net Income ✅Revenues - Expenses = Net Income

Order of making financial statements ✅Income Statement > Statement of
Stockholder's Equity/Retained Earnings > Balance Sheet > Statement of Cash Flows

Which piece of information comes out from each financial statement and is used for the
next? ✅Income Statement produces the Net Income > Net Income is used to find the
Retained Earnings in the Statement of Stockholder's Equity > The Stockholder's Equity
is used in the Balance Sheet > Cash from the Balance sheet is used for the Statement
of Cash Flows

How to find Income Statement ✅Revenues - Expenses = Net Income

How to find Statement of Stockholder's Equity ✅Common Stock + Retained Earnings =
Stockholder's Equity

Retained Earnings = Beginning RE + Net Income - Dividends

How to format/find the Balance Sheet ✅Assets (Including cash) = Liabilities +
Stockholders' Equity

How to find/format the Statement of Cash Flows ✅Cash Flows from operating activities
+ Cash Flows from investing activities + Cash Flows from financing activities = Change
in cash

What is considered Operating Activities? ✅Cash receipts and payments from selling
goods and services

What is considered Investing Activities? ✅Purchasing and selling long-term assets

What is considered Financing Activities? ✅Issuing stock and borrowing

, Asset definition ✅a resource that you own. Cash is an asset. Supplies are an asset.

Liability definition ✅amounts that you owe

Stockholder's Equity definition ✅the owner's claim to the resources

Revenue Definition ✅the amounts earned from selling products or services to
customers

Expenses Definition ✅the costs of providing products and services

Difference between "notes" and "accounts" (i.e. notes payable/receivable, accounts
payable/receivable) ✅Notes payable/receivable are more formal than accounts
payable/receivable. Accounts are usually more of a short-term loan

What is the SEC ✅they enforce the GAAP

What is FASB ✅they create the GAAP

Normal Balance for Assets ✅debit

Normal Balance for Liabilities ✅credit

Normal Balance for Stockholder's Equity ✅credit

Normal Balance for Common Stock ✅credit

Normal Balance for Retained Earnings ✅credit

Normal Balance for Revenues ✅credit

Normal Balance for Expenses ✅debit

Normal Balance for Dividends ✅debit

Asset Accounts ✅Cash
Accounts Receivable
Petty Cash
Notes Receivable
Interest Receivable
Supplies
Inventory
Prepaid Advertising
Prepaid Insurance

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