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ACCOUNTING PREP QUESTIONS WITH CORRECT ANSWERS.
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  • Accounting 101

ACCOUNTING PREP QUESTIONS WITH CORRECT ANSWERS.

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  • August 30, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting prep questions with correct answers

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  • Accounting 101
  • Accounting 101

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Professorkaylee

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ACCOUNTING PREP QUESTIONS WITH
CORRECT ANSWERS.

________ are items owed to a creditor. ________ are items owned by a company. ________ represents
owners' claims to company resources. ANS - Liabilities; Assets; Stockholders' equity



Under ________ accounting, revenues are recorded when earned and expenses are recorded with
related revenues. Under ________ accounting, revenues are recorded when cash is received and
expenses are recorded when cash is paid out. Financial statements are prepared using ________
accounting ANS - accrual-basis; cash-basis; accrual-basis



The ________ retains the power and authority to set accounting standards. Currently, this responsibility
has been delegated to the________ ANS - Securities and Exchange Commission; Financial Accounting
Standards Board



In what order are the four primary financial statements prepared? ANS - Statement of cash flows >
Statement of stockholders' equity > Balance sheet > Income statement



The difference between net income and dividends paid is known as what? ANS - Addition to retained
earnings



What is the total amount of current assets to be reported on XYZ Company's 12/31/X1 classified balance
sheet? ANS - $112,800



What is the total amount of long-term assets to be reported on XYZ Company's 12/31/X1 classified
balance sheet? ANS - $115,600



What is the total amount of current liabilities to be reported on XYZ Company's 12/31/X1 classified
balance sheet? ANS - $22,600



What is the ending balance in retained earnings to be reported on XYZ Company's 12/31/X1 classified
balance sheet? ANS - $72,100

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