Exam 2: Analyzing Transactions: the Accounting Equation

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The balance sheet reports assets, liabilities, and owner's equity on a specific date.

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Stephen purchased office supplies for $800 in cash. This transaction would

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Recognizing the effects of transactions on assets, liabilities, owner's equity, revenue, and expenses of a business is the processing function.

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The income statement provides information about events over a period of a month, year, or other period of time.

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The income statement and statement of owner's equity provide information covering a period of time.

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Match the terms with the definitions. -The concept that nonbusiness assets and liabilities are not included in the business' accounting records.

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Sue Lee paid $1,200 for office rent. This transaction would

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Liabilities represent an "inside" interest in a business.

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Match the terms with the definitions. -The decrease in assets (or increase in liabilities) as a result of efforts to produce revenues.

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The terms "profit and loss statement" or "operating statement" are sometimes used as synonyms for the balance sheet.

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Since insurance lasts for several months, it is recorded as owner's equity.

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Match the terms with the definitions. -Items a business owns that will provide future benefits.

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Match the terms with the definitions. -The excess of total revenues over total expenses for the period.

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Match the terms with the definitions. -Reports assets, liabilities, and owner's equity on a specific date.

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Jason purchased office equipment for $4,800 on account. This transaction would

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Match the terms with the definitions. -An economic event that has a direct impact on the business.

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It is not necessary to measure a business transaction in dollars.

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An increase in a revenue account may also result in an increase in the accounts receivable account.

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The financial statement that shows the state of the firm's assets, liabilities, and owner's equity on a specific date is called a(n)

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Match the terms with the definitions. -An amount owed to a business by its customers as a result of the sale of goods or services.

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