exam 1 review problems for class(1) (1).docx - ACCT 201...

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ACCT 201 Review Problems for Exam 1 Fall 2018 Dr. Busila PRINT NAME_________________ SOLUTIONS ___________________________________________ 1) If equity is $300,000 and liabilities are $192,000, then assets equal: A) $108,000. B) $192,000. C) $300,000. D) $492,000. E) $792,000.
2) The basic financial statements include all of the following except :
3) The financial statement that reports whether the business earned a profit and also lists the revenues and expenses is called the:
4) A balance sheet lists:
5) The record of all accounts and their balances used by a business is called a: A) Journal. B) Book of original entry. C) General Journal. D) Balance column journal. E) Ledger (or General Ledger).

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