quizz 1.5 - 1. Which of the following clarifies information...

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1.  Which of the following clarifies information presented in the financial statements, as well as expanding upon it where additional detail is needed?   A)  President’s state of the company report   B)  Auditor’s report   C)  Management discussion and analysis section   D)  Notes to the financial statements   Points Earned:  0.0/5.0  Correct Answer(s): D 2.  Ending retained earnings for a period is equal to:   A)  Beginning retained earnings + Net income – Dividends   B)  Beginning retained earnings – Net income – Dividends   C)  Beginning retained earnings + Net income + Dividends   D)  Beginning retained earnings – Net income + Dividends   Points Earned:  0.0/5.0  Correct Answer(s): A 3.  Ashley’s Accessory Shop started the year with total assets of $70,000 and total liabilities of $40,000. During the year the business recorded $110,000 in revenues, $55,000 in expenses, and dividends of $20,000. Stockholders’ equity at the end of the year was   A)  $60,000.   B)  $35,000.   C)  $55,000.   D)  $65,000.   Points Earned:  0.0/5.0  Correct Answer(s): D 4.  To show how successfully your business performed during a period of time, you would report its revenues and expense in the
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A)  statement of cash flows.   B)  balance sheet.   C)  income statement.   D)  retained earnings statement.  
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quizz 1.5 - 1. Which of the following clarifies information...

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