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Accounting 101 Exam CH 1-4 Questions & Answers 2023/2024 Accounting Equation - ANSWER-Assets= Liabilities + stockholder's equity Assets - ANSWER-Resources owned by company Liabilities - ANSWER-Rights of the creditors or amounts owed to creditors Equity - ANSWER-Rights of the owner AED - ANSWER-Assets, Expenses, Dividends = Normal debit balance and increase on the debit side LER - ANSWER-Liabilities, Equity, Revenue = Normal credit balances and increase on the credit side A...

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Ivy Tech Accounting 101 Final Exam Study Guide Questions With Verified Solutions What is the primary responsibility of FASB? - answerDeveloping GAAP What is the accounting equation? - answerAssets=Liability+Equity What is the definition of revenue? - answerMoney earned from providing a product or service Is CoGS an expense? - answerYes What is the primary objective of financial reporting? - answerTo provide info for decision making What accounts are on the balance sheet? - answerAssets,...

What is the definition of revenues? Correct Answer-Assets received from selling goods and services What is the definition of expenses? Correct Answer-The cost associated with doing business What does the accounting equation? Correct Answer-Assets = liabilities + stockholders equity What is FASB? Correct Answer-Financial accounting standards Board, the organization primarily responsible for setting accounting principles (GAAP) What is the primary objective of financial reporting? Corr...

Revenues Correct Answer-assets received from selling good and services Expenses Correct Answer-the cost associated with doing business Financial Accounting Standards Board (FASB) Correct Answer-The organization primarily responsible for evaluating, setting, or modifying GAAP. Accounting Equation Correct Answer-Assets = Liabilities + Equity Primary objective of financial reporting Correct Answer-Provide information for decision making Income Statement Correct Answer-A financial sta...

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