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ACC exam 1 study questions & answers 2024/2025
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ACC exam 1 study questions & answers 2024/2025
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ACC exam 1 study questions & answers2024/2025
Income statement - ANSWERSshows success over a period of time by subtracting expenses from
revenue. profit or loss over a fiscal year.
Retained Earnings Statement - ANSWERShow much of previous income was distributed to owners in the
form of dividends, and how much was retained in the business to allow for future growth
Balance Sheet - ANSWERSpresents a picture at a point in time of what your business owns (assets) and
what it owes (liabilities)
Statement of cash flows - ANSWERSshows where businesses obtained cash during a period of time and
how the cash was used
Journal Entries - ANSWERSbusiness transactions displayed in a debits-equal-credits format
General Ledger - ANSWERSA ledger that contains all accounts needed to prepare financial statements. T
accounts
Trial Balance - ANSWERSa proof of the equality of debits and credits in a general ledger. Listing of all
accounts with its ending balance.
order - ANSWERS1. analyze and write journal entries
2. post journal entries to the general ledger
3. trial balance
revenue recognition principle - ANSWERSrecognizes revenue in the account period in which the
performance obligation is satisfied - whether or not cash is received. accrued interest: revenue is
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