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Accounting 101 Final Exam Ivy Tech Questions with Complete Solutions
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Revenues Correct Answer-assets received from selling good and services Expenses Correct Answer-the cost associated with doing business Financial Accounting Standards Board (FASB) Correct Answer-The organization primarily responsible for evaluating, setting, or modifying GAAP. Accounting Equation Correct Answer-Assets = Liabilities + Equity Primary objective of financial reporting Correct Answer-Provide information for decision making Income Statement Correct Answer-A financial statement showing the revenue and expenses for a fiscal period. Net income Correct Answer-Revenues - Expenses Trial Balance sequence of accounts Correct Answer-Assets, liabilities, contributed capital, dividends, revenu
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