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11/16/2017Accounting 1 Flashcards | Quizlet1/1023 termsaswhitmoreAccounting 1Likethisstudyset?Createa freeaccountto saveit.Create a freeaccountMaybe laterWhich of the following isthe most appropriatedefinition of accountinginformation?A. Electronic collectionand organization of vastamounts of financialinformationB. A means of collectinginformationC. The interconnectednetwork of subsystemsD
11/16/2017Accounting 1 Flashcards | Quizlet2/10necessary to operate abusinessD. The informationsystem that identifies,records, andcommunicates theeconomic events of anorganization to interestedusersNet income will resultduring a time periodwhenCWhich of the followingwould not appear on theincome statement?A Dividends paid are shown on the retained earningsstatement and the statement of cash flows because itrelates to ownership rather than operations.Chris's Maid Servicebegan the year with totalassets of $120,000 andstockholders' equity of$40,000. During the yearthe company earnedC (i.e., Assets = Liabilities + Stockholders' equity)
11/16/2017Accounting 1 Flashcards | Quizlet3/10$120,000 in net incomeand paid $15,000 individends. Total assets atthe end of the year were$225,000. How much aretotal liabilities at the endof the year?