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This study guide provides a comprehensive overview of key accounting concepts and principles covered in mga 201, including the accounting equation, corporate structure, assets, liabilities, stockholders' equity, revenues, expenses, net income, and dividends. It includes over 150 questions and answers to help students prepare for their final exam.
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MGA 201 Final Exam 150+ Questions 2024 - 2025
Basic Accounting Equation - ANS—Assets= Liabililies + Stockholders Equity Corporations — ANS—Scparate entity from both a legal and accounting perspective. Owners of corporations (stockholders) are not personally responsible for debts of the corporation Separate Entity Assumption — ANS-requires that a business's financial reports include only the activities of the business and not those of ils slockholders Asscts — ANS—Resources controlled by the company that have measurable value and are expected to provide future benefits. E.x. cash, supplies, equiptment Liabilities - ANS—Amounts owed by the business to creditors. E.x. notes payable, accounts payable Stockholders Equity -— ANS-Owners claim to the business resources, E.x, common stock, relained earnings Revenues, Expenses, and Net Income — ANS-Revenues — Expenses = Net Income Revenues — ANS—Sales of goods or services lo cuslomers. Measured al the amount the business charges the cuslomer. Expenses — ANS-The costs of business necessary lo earn revenues, including wages to employees, advertising, and utilitics Dividends — ANS—Distribulions of a company's earnings lo ils stockholders as a return on their investment, NOT and expense Financial Statements Prepared in this Order - ANS—Income Statement — Stalement of Retained Earnings — Balance Sheet — Statement of Cash Flows The Income Statement — ANS—Reports the amount of revenues less expenses for a period of time.