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HBS Financial Accounting Module 1: The Accounting Equation Exam 2024/2025 Questions With Completed & Verified Solutions. $9.99   Add to cart

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HBS Financial Accounting Module 1: The Accounting Equation Exam 2024/2025 Questions With Completed & Verified Solutions.

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  • HBX Core
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  • HBX Core

HBS Financial Accounting Module 1: The Accounting Equation Exam 2024/2025 Questions With Completed & Verified Solutions.

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  • August 31, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • HBX Core
  • HBX Core
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LEWIS12
HBS Financial Accounting Module 1: The
Accounting Equation

Basic Accounting Equation - ANS Assets = Liabilities + Owner's Equity

Which FI Doc Can you find the Basic Accounting Equation? - ANS The Balance Sheet

What is an Asset? - ANS Cash, Equipment, inventory, other sources owned by a business that
will generate wealth

What are the criteria to be considered an asset? - ANS - Be purchased at a measurable cost
- Produce probable economic benefit
- Result from a past event (or transaction)
- Be owned or controlled by the entity

What are Liabilities? - ANS How businesses accursed is assets, borrowing, credit, Loans,
accounts payable, wages payable.

Criteria to be considered a liability - ANS - Must impose probable economic obligation on
economic resources in the future
- The obligation has to be to another entity
- The event that created the obligation must be

Owner's Equity - ANS "The residual interest in the assets of an entity that remains after
deducting the liabilities" SE = A-L

How do payments to owners differ from payments for liabilities to other entities? - ANS - Owners
make decisions in the business
- Payments to owners are not obligated
- Profit Generated belongs to the owner

How will a $500 Investment to Start a business effect the balance sheet? - ANS A(+$500) = L +
SE(+500)

How will a $500 Loan to start a business effect the balance sheet? - ANS A(+500) = L(+500) +
SE

How will receiving $500 in goods on credit effect the Balance Sheet? - ANS A(+500) = L(+500)
+ SE

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