ETS MAJOR FIELD TEST FINANCIAL ACCOUNTING QUESTIONS WITH COMPLETE ANSWERS

statement of retained earnings


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shows the beginning balance, changes positive and negative, to get to the
end of year retained earnings balance




dividends


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distributions of assets to shareholders that decreases equity




equipment, furniture and fixtures

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accounts that record the cost of office equipment and store equipment




going concern concept


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entity will continue to operate long enough to recover cost of its assets




monetary stable unit


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basis for ignoring inflation




expenses


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decreases in retained earnings resulting from operations




land


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