Question
1- What is the primary purpose of financial accounting? 2- What are the rules of financial accounting called? 3- What is a distribution to stockholders
1- What is the primary purpose of financial accounting?
2- What are the rules of financial accounting called?
3- What is a distribution to stockholders called?
4- Who has claims to the companys resources (assets)?
5- What accounts make retained earnings increase?
6- In the T account, when we subtract the difference between the debits and credits at the end of the period, what is this number called? Hint: The account _____________.
7- What does the trial balance clearly present?
8- Calculate net income/loss when beginning retained earnings are $50,000; revenues are 24,000; expenses are 27,000; and dividends are $2,700. Hint: not all accounts given are used!
9- What are the four financial statements, and what information is presented on each?
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