ACC 101 Midterm 1 || with 100% Verified Solutions.
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Course
ACC 101
Institution
ACC 101
What side does assets increase on? correct answers Debit
What side does liabilities increase on? correct answers Credit
What side does owners equity increase on? correct answers Credit
What side does paid in capital increase on? correct answers Credit
What side does Retained earnings in...
ACC 101 Midterm 1 || with 100% Verified Solutions.
What side does assets increase on? correct answers Debit
What side does liabilities increase on? correct answers Credit
What side does owners equity increase on? correct answers Credit
What side does paid in capital increase on? correct answers Credit
What side does Retained earnings increase on? correct answers Credit
What side does revenues increase on? correct answers Credit
What side does expenses increase on? correct answers Debit
What side does dividends increase on? correct answers Debit
Which of the following increase of the debit.
assets
liabilities
owners equity
paid in capital
retained earnings
common stock
revenues
expenses
dividends correct answers assets, expenses, dividends
financial accounting correct answers Focuses on reports gathered for the external users
managerial accounting correct answers Focuses on reports gathered for the internal users
what is an income statement and its equation correct answers reports revenues and expenses,
calculates net income/loss for a period in time. Rev. - Exp. = Net Income/Loss
what comes after the income statement correct answers statement of retained earnings
what is the statement of retained earrings correct answers shows how revenues - expenses has
changed over a period of time.
whats the equation for the statement of retained earnings correct answers beginning balance
retained earnings + net income OR - net loss - Dividends = End Balance Retained Earnings
what comes after the statement of retained earnings? correct answers Balance Sheet
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