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Accounting Participation Mark Quiz Management Coursework

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ADM 1100/ADM 1300 Section M: Participation Mark Quiz (Worth 5%) THIS IS AN INDIVIDUAL ASSIGNMENT INSTRUCTIONS 1. Answer all questions. 2. Create a word document. 3. Type your answers to these questions in that document. 4. Save the document (or publish in pdf) and upload to the Bright Space Dropbox in the ADM 1100 M or ADM 1330 M Bright Space Drop Box (“In Class Assignment Room Folder”) by Saturday April 04 2020 @23:59. LATE ASSIGNMENT – 50% OFF ====================================================== 1. What are revenues? 2. What are expenses? 3. What is an Income Statement? 4. What is a Balance Sheet? 5. What is an Asset? 6. What is a Liability? 7. What is Owner’s (Stockholders’) Equity? Company Inc. reports the following assets and liabilities. Calculate the totals that would appear in the corporation’s basic accounting equation (Assets = Liabilities + Stockholders’ Equity (Capital Stock)).  Cash………………………….$55,000  Accounts Payable……………$25,000  Office Supplies………………. $1, 500  Loan Payable…………………..$7,000  Accounts Receivable………….$10,000 Answer: Assets = Liabilities + Stockholders’ Equity ______________ ______________ ____________

Coursework Sample Content Preview:

Accounting Participation Mark Quiz
Student’s Name:
University Affiliation
Q 1: Revenues can be described as the incomes that a firm get from its activities of either goods selling or services provision. It is the amount that a company receives from its clients who are customers and it gets recorded as either sales or turnover in the first line of a firm’s income statement.
Q 2: Expenses are the costs a firm would incur in getting an item such as an asset or secure services that would later be utilized in the generation of revenues. It is said to be money outflow from a firm to a person or other firms who are probably traders in exchange for services, assets or settling a category of costs.
Q 3: An income statement is one among the financial statements prepared by a company and it objectively displays a company’s financial performance through calculation of profits or losses made in a particular period.
Q 4: A balance sheet is a financial statement of a company that determines its financial position or condition. It provides a summary of financial balances of assets, liabilities and capital in a specific period....
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