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1. Which of the chase compares properly represents a derivation of the fundamental accounting equation? a. b. c. d. Assets + Liabilities = Owners equity Assets = Owners equity Cash = Assets Assets Liabilities = Owners equity 2. hold open charter will change over time because of several(prenominal) factors. Which of the pursuit factors would explain an increase in retained mesh? a. b. c. d. 3. realize loss displace Income Dividends Investment by gillyflower holders Which of these items would be accounted for as an expense? a. Repayment of a buzzword impart b. Dividends to stockholders c. Purchase of land d. payment to the cur crosscurrent results rent 4. Which of the following would not be include on a balance tag end? a. b. c. d. 5 Accounts receivable Accounts payable gross revenue Cash Which of the following statements is true concerning assets? a. They are recorded at monetary foster and adjusted for inflation. b. They are recorded at market take t o be for financial reporting because historical speak to is arbitrary. c. Accounting principles rent that companies report assets on the income statement. d. Assets are measured using the address concept. 6. Which of the following is a correct expression of the accounting equation? a. Assets - Liabilities + Owners Equity b. Assets = Liabilities - Owners Equity c.

Assets + Owners Equity = Liabilities d. Assets = Liabilities + Owners Equity 7. How is the balance sail linked to the other financial statements? a. The beginning retained pelf balance on the statement of retained earnings becomes the bill of retained earnings reported on the balance sheet. b. contain earnings is added to total assets and reported on the balance ! sheet. c. take in income increases retained earnings on the statement of retained earnings, which in conclusion increases retained earnings on the balance sheet. d. There is no link between the balance sheet and the other statements. 8. friendship that is material means that an error or alternative find oneself of handling a transaction...If you want to get a ample essay, order it on our website: OrderEssay.net

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