Chapter 01 Review

Chapter 01 Review - Vocabulary Quiz Name _ Chapter 1 1. The...

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Vocabulary Quiz Name _______________ Chapter 1 1. The process of identifying, recording, and communicating the economic events of a business to interested users of the information. 2. Debts and obligations of a business. 3. Resources owned by a business. 4. The amount by which expenses exceed revenues. 5. A business organized as a separate legal entity having ownership divided into transferable shares of stock. 6. The amount of net income kept in the corporation for future use, not distributed to stockholders as dividends. 7. Assets = Liabilities + Stockholders’ Equity. 8. Payments of cash from a corporation to its stockholders. 9. The cost of assets consumed or services used in the process of ongoing operations to generate resources. 10. A financial statement that reports the assets, liabilities, and stockholders’ equity at a specific date. 1-1
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Solutions to Vocabulary Quiz Chapter 1 1. Accounting 2. Liabilities 3. Assets 4. Net loss 5. Corporation 6. Retained earnings 7. Accounting equation 8. Dividends 9. Expenses 10. Balance sheet 1-2
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This note was uploaded on 09/19/2011 for the course ACCT 2301 taught by Professor Hall during the Fall '08 term at UT Arlington.

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Chapter 01 Review - Vocabulary Quiz Name _ Chapter 1 1. The...

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