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UCF ACG 2021 Exam 1 Review (1
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UCF ACG 2021 Exam 1 Review (1
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UCF ACG 2021 Exam 1 ReviewAdjusting entries - ANS-to record events that have occurred but that have not been recorded,
such recording insurance expense at the end of the month from a prepaid policy
Adjusted trial balance - ANS-list of all accounts and their balances after we have updated
account balances for adjusting entries.
Financial Statements - ANS-periodic reports published by the company for the purpose of
providing information (communicate) to external users.
Income statement - ANS-financial statement that reports the company's revenues and expenses
over an interval of time.
Statement of stockholders' equity - ANS-financial statement that summarizes the changes in
stockholders' equity over an interval of time
Balance sheet - ANS-financial statement that presents the financial position of the company on
a particular date.
Operating Cash Flow - ANS-include cash receipts and cash payments for transactions involving
revenue and expense activities during the period.
Investing Cash Flow - ANS-generally include cash transactions for the purchase and sale of
investments and long-term assets.
Financing Cash Flow - ANS-include cash transactions with lenders, such as borrowing money
and repaying debt, and with stockholders, such as issuing stock and paying dividends.
Statement of Cash Flows - ANS-financial statement that measures activities involving cash
receipts and cash payments over an interval of time.
Closing entries - ANS-entries that transfer balances of all temporary accounts (revenues,
expenses, and dividends) to the balance of the retained earnings account.
Temporary accounts - ANS-revenues, expenses, and dividends are closed out at the end of
each accounting period and transferred to Retained Earnings so that the new period begins with
a zero (0) balance for these accounts.
Permanent accounts - ANS-the balance sheet accounts where the balances are carried forward
from period to period.
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