Week 8 : Final Exam - Final Exam Page 1 1.(TCO 1) What
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Week 8 : Final Exam - Final Exam
Page 1 1.(TCO 1) What is the accounting equation? Suppose your company sold 12,000 in merchandise to a customer for cash. How does this transaction impact the accounting equation?(Points : 17)
Assets Liabilities Capital 12000 12000 It will increase assets & capital by 12000.
2.(TCO 2) What are the four basic financial statements? Describe the balance sheet, & explain why it is important
Anser : The four basic financial statements are; balance sheet, income statement, statement of retained earnings & statements of cash flows. Balance sheet is an important financial document that summarizes various assets, liabilities & equities held by the company at particular date. Balance sheet is created with a...
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09/27/2020
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