Acc 201 Chapter 1 final exam

Acc 201 Chapter 1 final exam - during the accounting period...

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Chapter 1 : Balance Sheet, Income Statement, Statement of Retained Earnings, Statement of Cash flows Balance Sheet : Reports the amount of assets, liabilities, and stockholders' equity of an accounting entity at a point in time. Assets = Liabilities + Stockholders' Equity. Income Statement: Reports the revenues less the expenses of the accounting period. Net Income = Revenues – Expenses Statement of Retained Earnings: Reports the way that net income and the distribution of dividends affected the financial position of the company during the accounting period. Ending R/E = Beginning R/E + Net Income – Dividends Statement of Cash flows: Reports inflows and outflows of cash
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Unformatted text preview: during the accounting period in the categories of operating, investing, and financing. Net Change in Cash = (+/-Cash Flow Operating) (+/-Cash Flow Investing) (+/-Cash Flow Financing) Know what each are and their duties: GAAP: Generally Accepted Accounting Principles . Measurement rules used to develop the information in financial statements. SEC : Securities and Exchange Commission . Determines the financial statements that public companies must provide to stockholders and measure the rules that they must use in producing those statements. FASB: Financial Accounting Standards Board. Works out the detailed rules that become generally accepted accounting principles....
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