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[Show more]acct exam 1 questions & answers 2023/2024 
 
 
primary objective of balance sheet 
1) measure net income of business 
2) report difference between cash inflows and outflows 
3)report financial position of reporting entity 
4)report market value of assets, liabilities, stocholders equity - ANSWER-fin...
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Add to cartacct exam 1 questions & answers 2023/2024 
 
 
primary objective of balance sheet 
1) measure net income of business 
2) report difference between cash inflows and outflows 
3)report financial position of reporting entity 
4)report market value of assets, liabilities, stocholders equity - ANSWER-fin...
acct exam 1 questions & answers 2023/2024 
 
 
Income statement - ANSWER-revenue-expenses=net income (loss) 
 
-NET INCOME IS NEEDED TO DETERMINE THE ENDING BALANCE IN RETAINED EARNINGS 
 
statement of retained earnings - ANSWER-beginning retained earnings+net income-dividends=end retained earnings ...
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Add to cartacct exam 1 questions & answers 2023/2024 
 
 
Income statement - ANSWER-revenue-expenses=net income (loss) 
 
-NET INCOME IS NEEDED TO DETERMINE THE ENDING BALANCE IN RETAINED EARNINGS 
 
statement of retained earnings - ANSWER-beginning retained earnings+net income-dividends=end retained earnings ...
Acct. Exam 1 Questions & Answers 2023/2024 
 
 
Financial Statements Required by GAAP - ANSWER--Balance Sheet 
-Income Statement 
-Statement of Cash Flows 
-Statement of Changes in Stock Equity 
 
Who is the audience of Financial Accounting? - ANSWER-Focuses on the needs of external users 
-Investo...
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Add to cartAcct. Exam 1 Questions & Answers 2023/2024 
 
 
Financial Statements Required by GAAP - ANSWER--Balance Sheet 
-Income Statement 
-Statement of Cash Flows 
-Statement of Changes in Stock Equity 
 
Who is the audience of Financial Accounting? - ANSWER-Focuses on the needs of external users 
-Investo...
ACCT Exam 1 Questions & Answers 2023/2024 
 
 
Which of the following is not an asset account? - ANSWER-Common Stock 
 
Which of the following statements describe transactions that would be recorded in the accounting system? - ANSWER-An exchange of an asset for a promise to pay 
 
Total assets on a ...
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Add to cartACCT Exam 1 Questions & Answers 2023/2024 
 
 
Which of the following is not an asset account? - ANSWER-Common Stock 
 
Which of the following statements describe transactions that would be recorded in the accounting system? - ANSWER-An exchange of an asset for a promise to pay 
 
Total assets on a ...
Acct Exam 1 Questions & Answers 2023/2024 
 
 
sole proprietorship - ANSWER-business owned by one person 
+ simple to establish, full control, tax advantage 
 
partnership - ANSWER-business owned by 2 or more people; often formed if one doesn't have enough economic resources or partner brings uniqu...
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Add to cartAcct Exam 1 Questions & Answers 2023/2024 
 
 
sole proprietorship - ANSWER-business owned by one person 
+ simple to establish, full control, tax advantage 
 
partnership - ANSWER-business owned by 2 or more people; often formed if one doesn't have enough economic resources or partner brings uniqu...
Accounting 200 Exam 1 Questions & Answers 2023/2024 
 
 
account payable - ANSWER-a liability backed by the general reputation and credit standing at the debtor. 
 
accounting - ANSWER-the information system that measures business activities, processes that information into reports and financial sta...
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Add to cartAccounting 200 Exam 1 Questions & Answers 2023/2024 
 
 
account payable - ANSWER-a liability backed by the general reputation and credit standing at the debtor. 
 
accounting - ANSWER-the information system that measures business activities, processes that information into reports and financial sta...
Acct Exam 1 Questions & Answers 2023/2024 
 
 
Who are the internal users of accounting information? - ANSWER-Managers, Administrators, Controllers, Production, Human Resource or Marketing personnel 
 
Who are the external users of accounting information? - ANSWER-Lenders, Creditors, Bank loan offic...
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Add to cartAcct Exam 1 Questions & Answers 2023/2024 
 
 
Who are the internal users of accounting information? - ANSWER-Managers, Administrators, Controllers, Production, Human Resource or Marketing personnel 
 
Who are the external users of accounting information? - ANSWER-Lenders, Creditors, Bank loan offic...
Accounting Practice Exam Questions & Answers 2023/2024 
 
 
A T-account is: - ANSWER-a way of depicting the basic form of an account 
 
The ledger, book of final entry, has accounts to be arranged in: - ANSWER-financial statement order 
 
Which is NOT an application of the Revenue Recognition Princi...
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Add to cartAccounting Practice Exam Questions & Answers 2023/2024 
 
 
A T-account is: - ANSWER-a way of depicting the basic form of an account 
 
The ledger, book of final entry, has accounts to be arranged in: - ANSWER-financial statement order 
 
Which is NOT an application of the Revenue Recognition Princi...
Accounting test questions and answers 2023/2024 
 
 
The two main qualities of accounting are - ANSWER-Relevance and reliability 
 
The largest organization of professional accountants - ANSWER-AICPA 
 
The FASB is responsible for establishing - ANSWER-GAAP 
 
The owners interest in the assets of a ...
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Add to cartAccounting test questions and answers 2023/2024 
 
 
The two main qualities of accounting are - ANSWER-Relevance and reliability 
 
The largest organization of professional accountants - ANSWER-AICPA 
 
The FASB is responsible for establishing - ANSWER-GAAP 
 
The owners interest in the assets of a ...
Financial Accounting Exam 1 Questions & Answers 2023/2024 
 
 
creditors - ANSWER-persons or entities to whom a company owes money 
 
amount owed to creditors - ANSWER-liabilities 
 
note payable - ANSWER-liability to the bank 
 
bonds payable - ANSWER-debt securities sold to investors that must be ...
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Add to cartFinancial Accounting Exam 1 Questions & Answers 2023/2024 
 
 
creditors - ANSWER-persons or entities to whom a company owes money 
 
amount owed to creditors - ANSWER-liabilities 
 
note payable - ANSWER-liability to the bank 
 
bonds payable - ANSWER-debt securities sold to investors that must be ...
ACCT Exam 1 Questions & Answers 2023/2024 
 
 
Three forms of business organization - ANSWER-sole proprietorship, partnership, corporation 
 
Sole Proprietorship - ANSWER-simple to establish, owner controlled, tax advantages 
 
Partnership - ANSWER-simple to establish, shared control, broader skills...
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Add to cartACCT Exam 1 Questions & Answers 2023/2024 
 
 
Three forms of business organization - ANSWER-sole proprietorship, partnership, corporation 
 
Sole Proprietorship - ANSWER-simple to establish, owner controlled, tax advantages 
 
Partnership - ANSWER-simple to establish, shared control, broader skills...
Accounting Exam 1 Questions & Answers 2023/2024
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Add to cartAccounting Exam 1 Questions & Answers 2023/2024
ACCT Exam 1 Questions & Answers 2023/2024 
 
 
Internal users - ANSWER-Someone who works inside the bussiness. Finance, management, marketing, Human Resources 
 
External users - ANSWER-Banks, shareholders, investors, IRS, Community members (sometimes internal) 
 
Forms of ownership - ANSWER-sole pr...
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Add to cartACCT Exam 1 Questions & Answers 2023/2024 
 
 
Internal users - ANSWER-Someone who works inside the bussiness. Finance, management, marketing, Human Resources 
 
External users - ANSWER-Banks, shareholders, investors, IRS, Community members (sometimes internal) 
 
Forms of ownership - ANSWER-sole pr...
Accounting Exam 2 Questions & Answers 2023/2024 
 
 
Which of the following does NOT describe an income statement? 
a. summarizes the results of a company's operating activities for a specific accounting period 
b. also known as a statement of assets 
c. used by investors to help judge their retur...
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Add to cartAccounting Exam 2 Questions & Answers 2023/2024 
 
 
Which of the following does NOT describe an income statement? 
a. summarizes the results of a company's operating activities for a specific accounting period 
b. also known as a statement of assets 
c. used by investors to help judge their retur...
acct exam 1 questions & answers 2023/2024 
 
 
Relevance - ANSWER-can impact a decision maker's decision 
 
Predictive value - ANSWER-Help us predict future cash flows/net income 
 
materiality - ANSWER-omitting or mistaking it can affect decision makers decision 
 
Confirmatory value - ANSWER-Conf...
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Add to cartacct exam 1 questions & answers 2023/2024 
 
 
Relevance - ANSWER-can impact a decision maker's decision 
 
Predictive value - ANSWER-Help us predict future cash flows/net income 
 
materiality - ANSWER-omitting or mistaking it can affect decision makers decision 
 
Confirmatory value - ANSWER-Conf...
1x sold
Accounting 101 Exam CH 1-4 Questions & Answers 2023/2024 
 
 
Accounting Equation - ANSWER-Assets= Liabilities + stockholder's equity 
 
Assets - ANSWER-Resources owned by company 
 
Liabilities - ANSWER-Rights of the creditors or amounts owed to creditors 
 
Equity - ANSWER-Rights of the owner 
 
...
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Add to cartAccounting 101 Exam CH 1-4 Questions & Answers 2023/2024 
 
 
Accounting Equation - ANSWER-Assets= Liabilities + stockholder's equity 
 
Assets - ANSWER-Resources owned by company 
 
Liabilities - ANSWER-Rights of the creditors or amounts owed to creditors 
 
Equity - ANSWER-Rights of the owner 
 
...
ACCT Exam 1.0 Questions & Answers 2023/2024 
 
 
GAAP stands for? 
-governmental auditing and accounting practices. 
-government audit and attest policies. 
-generally accepted accounting principles. 
-generally accepted attest principles. - ANSWER-generally accepted accounting principles 
 
Account...
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Add to cartACCT Exam 1.0 Questions & Answers 2023/2024 
 
 
GAAP stands for? 
-governmental auditing and accounting practices. 
-government audit and attest policies. 
-generally accepted accounting principles. 
-generally accepted attest principles. - ANSWER-generally accepted accounting principles 
 
Account...
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