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ACCT Reading QuestionsChapter 11.Business Entity v. Non-business Entity, What is the difference?
2.Business Organizational Forms
3.Economic Entity Concept
4.Business Activities
17. Accounting Equation
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Chapter 6 / Exercise 6-17
Intermediate Accounting: Reporting and Analysis
Jones/Wahlen
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19. Stockholder’s Equity: owner’s equity in a corporation. (The stockholder’s claim on assets of the company).20. Balance Sheet: financial statement, summarizes the assets, liabilities, and owner’sequity at specific point in time. (Obligations due in near future and assets available for the company).a.Assetsb.Liabilitiesc.Owner’s equity21. Income Statement:  summarizes revenues and expensesa.Revenuesb.Expenses c.2 formats for presenting the Income Statement:c.i.Single-Step: one solid step to achieve net incomec.ii.Multi-Step: series of steps including gross profits, total operating expenses, income before income tax, and then net income22. Retained Earnings: part of owner’s equity that represents the income earned less dividends paid over the life of an entity23. Net Incomea.Excess of Revenues over Expensesb.If you have more revenues than expenses, you will have a net income24. Net Lossa.Excess of Expenses over Revenuesb.If you spend more than the revenues gained, you will have a net loss.25. Dividendsa.

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Term
Fall
Professor
ThomasDownen
Tags
Income Statement, Net Income, Owner s Equity
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Intermediate Accounting: Reporting and Analysis
The document you are viewing contains questions related to this textbook.
Chapter 6 / Exercise 6-17
Intermediate Accounting: Reporting and Analysis
Jones/Wahlen
Expert Verified

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