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Question(s) / Instruction(s):

A balance sheet shows

                                               

Question: 12

In the annual report, where would a financial statement reader find out if the company’s financial statements give a fair depiction of its financial position and operating results?

                               

Question: 13

Which of the following is the most appropriate and modern definition of accounting?

                               

Question: 14

In a study session, a classmate makes this statement “Dividends are listed as expenses on the income statement.” What is your best response to this statement?

                                               

Question: 15

Henson Company began the year with retained earnings of $175,000. During the year, the company recorded revenues of $250,000, expenses of $190,000, and paid dividends of $20,000. What was Henson’s retained earnings at the end of the year?

 

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