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UA Accounting 210 - LearnSmart Chapter 1 Flashcards _ (DETAILED ANSWERS) 2024 - DISTINCTION
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UA Accounting 210 - LearnSmart Chapter 1 Flashcards _ (DETAILED ANSWERS) 2024 - DISTINCTION
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8/9/24, 6:45 AMUA Accounting 210 - LearnSmart Chapter 1
Jeremiah
Terms in this set (63)
A corporation earns profits for its Selling goods at more than their cost.
stockholders by ________ (Check all that Providing services at more than cost.
apply.)
The main reason companies exist is to Profits.
maximize their _______ _. (Check all that apply.) Owners Wealth.
Expenses are ______. The costs of doing business that are necessary to earn revenue
1. Cash Flows provided by (used in) Operating Activities
Place these items in the order in which they
2. Cash Flows provided by (used in) Investing Activities
appear on the statement of cash flows.
3. Cash Flows provided by (used in) Financing Activities
Place the single-step income statement 1. Revenues -
items in the proper order from top to 2. Expenses =
bottom. 3. Net Income
Individual expenses are accumulated in Accounts
separate _____
Expenses appear on the ______ Income statement
Includes the time period covered
The heading of an income statement ________
Includes the name of the company.
(Select all that apply)
Indicates if the reported numbers are rounded to the nearest thousand or million.
The balance sheet balances when ____ _. Assets = Liabilities + Stockholders' Equity
Cash
Which of the following are assets? (Select all Equipment
that apply) Supplies
Land
Retained ___ represents the capital earned Earnings
by the company.
Which of the following appear on the Dividends
statement of retained earnings? (Check all Net Income
UA Accounting 210 - LearnSmart Chapter 1
that apply) Ending balance of Retained Earnings
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, 8/9/24, 6:45 AM
Profit is equal to _______ Revenues - Expenses
A company started the month with $1,000 of $1,400
Retained earnings. During the month, it had
Revenue of $5,000 and Expenses of $4,500.
It also distributed a Dividend of $100 to its
stockholders. the company's Retained
earnings at the end of the period equals
$_______
A balance sheet shows assets, liabilities, and stockholders' equity at a single point in time
______ are measurable amounts that the Liabilities
company owes to the creditors.
Which of the following cause Retained Revenues
earnings to increase? (Select all that apply) Net Income
Which financial statement reports the Income Statement
financial performance of the business during
the current accounting period?
Which of the following are ways of Assets - Liabilities = Stockholders' Equity
expressing the basic accounting equation? Assets - Stockholders' Equity = Liabilities
(Select all that apply) Assets = Liabilities + Stockholders' Equity
_______ are earned by selling goods or Revenues
services to customers and is the first line
item reported on the income statement.
Cash
Supplies
Place the balance sheet line items in the Equipment
proper order from top to bottom. Accounts Payable
Common Stock
Retained Earnings
May be left in the company causing retained earnings to increase.
Net Income _____ _. (Select all that apply) Occurs when revenues are greater than expenses.
May be paid out as dividends causing retained earnings to decrease.
The ____ activities section on the statement Operating
of cash flows reports the activities directly
related to running the business to earn profit.
Accounts ___ is an asset on the balance sheet Receivable
that reports the amounts owed by customers
for sales or services provided on credit
Which of these appears on both the Retained earnings
statement of retained earnings and the
balance sheet?
profits earned by a company that are paid to Dividends
stockholders are called _____
UA Accounting 210 - LearnSmart Chapter 1
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