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Accounting 200 Exam 1 | Questions And Answers Latest {} A+ Graded | 100% Verified
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Accounting 200 Exam 1 | Questions And Answers Latest {2024- 2025} A+ Graded | 100%Verified
account payable - a liability backed by the general reputation and credit standing at the debtor.
accounting - the information system that measures business activities, processes that information into
reports and financial statements, and communicates the results to decision makers.
accounting equation - assets=liabilities+owners equity
asset - an economic resource that is expected to be of benefit in the future.
balance sheet - list of an entity's assets, liabilities, and owner's equity as of a specific date. also called
the statement of financial position.
board of directors - group elected by the stockholders to set policy for a corporation and to appoint its
officers.
capital - another name for the owner's equity of a business
cash - money and any medium of exchange that a bank accepts at face value.
common stock - the most basic form of capital stock.
continuity (going concern) assumption - holds that the entity will remain in operation for the
foreseeable future.
corporation - a business owned by stockholders. It is a legal entity, an "artificial person" in the eyes of
the law.
, current asset - an asset that is expected to be converted to cash, sold, or consumed during the next 12
months or within the business's normal operating cycle if longer than a year.
current liability - a debt due to be paid within one year or within the entity's operating cycle if the cycle
is longer than a year.
deficit - negative balance in retained earnings caused by net losses over a period of years.
dividends - distributions (usually cash) by a corporation to its stockholders.
entity - an organization or a section of an organization that, for accounting purposes, stands apart from
other organizations and individuals as a separate economic unit.
expenses - decrease in retained earnings that results from operations; the cost of doing
business;opposite of revenues.
fair value - the amount that a business could sell an asses for, or the amount that a business could pay to
settle a liability.
financial accounting - the branch of accounting that provides information to people outside the firm.
financial statements - business documents that report financial information about a business entity to
decision makers.
financial activities - activities that obtain from investors and creditors the cash needed to launch and
sustain the business; a section of the statement of cash flows.
fixed assets and plant assets - other names for property, plant, and equipment.
GAAP - accounting guidelines, formulated by the Financial Standards Board, that govern how accounting
is practiced.
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