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标题: Reading 30: Financial Reporting Mechanics LOS b习题精选 [打印本页]

作者: honeycfa 时间: 2010-4-17 20:16 标题: [2010]Session 7-Reading 30: Financial Reporting Mechanics LOS b习题精选

LOS b: Explain the accounting equation in its basic and expanded forms.

The following amounts were drawn from the records of JME Company: total assets = $1,200; total liabilities = $750; contributed capital = $600. Based on this information alone, retained earnings must be equal to:

A)
$150.

B)
?$150.

C)
$450.

(1,200 ? 750 ? 600) = ?150

作者: honeycfa 时间: 2010-4-17 20:16

What is the fundamental balance sheet equation?

A)

Assets = Stockholders' Equity - Liabilities (A = E - L).

B)

Assets = Liabilities + Stockholders' Equity (A = L + E).

C)

Liabilities = Assets + Stockholders' Equity (L = A + E).

The fundamental balance sheet equation is Assets = Liabilities + Stockholders’ Equity (A = L + E). This is the fundamental accounting relationship that sets the basis for recording all financial transactions.

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