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What is the correct equation for the accounting equation?
Assets = Liabilities + Common Stock + Retained Earnings
What types of accounts are matched in the accrual accounting concept?
Expenses and revenues
Where is the balance of Accounts Receivable shown?
On the balance sheet
Earning revenue on account is classified as what type of transaction?
Asset source transaction
A particular kind of event that involves transferring something of value between two entities is called a ___________.
transaction
Companies typically report about business activity occurring over a span of time called an __________ _____________.
accounting period
An economic occurrence that changes an enterprise’s assets, liabilities, or stockholders’ equity is called an _______________ ________________.
economic event
What type of cost is considered a period cost?
Advertising expense for the current month
Which type of business is primarily a merchandising business?
Martin's Supermarket
What are the raw materials used during the year for Kenton Company?
$229,000 - beginning $18,000 + purchases - $17,500 ending inventory.
How to calculate the average tax rate?
Total tax / Total Income
How to find the effective tax rate?
Total tax / Taxable Income
What is the classification of Social Security taxes?
Regressive
What is the classification of Medicare taxes?
Proportional
Note 
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