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Acct 701 LSUS week 1 Exam Questions and Answers
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Business - Answer-All of the activities necessary to provide the members of an economic system with goods and services. Business entity - Answer-An organization operated to earn a profit. Sole proprietorship - Answer-A form of organization with a single owner. Economic entity concept - Ans...

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  • August 23, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • acct 701 lsus week 1 exam questions and answers
  • business answer all of the activities necessary

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Acct 701 LSUS week 1 Exam Questions
and Answers
Business - Answer-All of the activities necessary to provide the members of an
economic system with goods and services.

Business entity - Answer-An organization operated to earn a profit.

Sole proprietorship - Answer-A form of organization with a single owner.

Economic entity concept - Answer-The assumption that a single, identifiable unit must
be accounted for in all situations.

Partnership - Answer-A business owned by two or more individuals; the organization
form often used by accounting firms and law firms.

Corporation - Answer-A form of entity organized under the laws of a particular state;
ownership evidenced by shares of stock.

Share of stock - Answer-A certificate that acts as evidence of ownership in a
corporation.

Bond - Answer-A certificate that represents a corporation's promise to repay a certain
amount of money and interest in the future.

Nonbusiness entity - Answer-An organization operated for some purpose other than to
earn a profit.

Liability - Answer-an obligation of a business

Capital Stock - Answer-Indicates an owners contribution to a corporation

Stockholders - Answer-one of the owners of the corporation

Creditor - Answer-someone to whom a company or person has a debt

asset - Answer-a future economic benefit

revenue - Answer-an inflow of assets resulting from the sale of goods and services

expense - Answer-an outflow of assets resulting from the sale of goods and services

accounting - Answer-The process of identifying, measuring, and communicating
economic information to various users.

, Management accounting - Answer-The branch of accounting concerned with providing
management with information to facilitate the planning and control functions.

Financial accounting - Answer-The branch of accounting involving communication with
outsiders through financial statements.

Owner's equity - Answer-The owners' claims to the assets of an entity

Stockholders' equity - Answer-the owners equity of a corporation

Retained earnings - Answer-The part of owners' equity that represents the income
earned less dividends paid over the life of an entity.

Balance Sheet - Answer-The financial statement that summarizes the assets, liabilities,
and owners' equity at a specific point in time.

Income statement - Answer-A statement that summarizes revenues and expenses for a
period of time.

Net income - Answer-the excess of revenues over expenses

Statement of retained earnings - Answer-The statement that summarizes the income
earned and dividends paid over the life of a business

Dividends - Answer-A distribution of new income of a business to its stockholders

Statement of cash flows - Answer-The financial statement that summarizes a company's
cash receipts and cash payments during the period from operating, investing, and
financing activities.

Cost principle - Answer-assets are recorded and reported at the cost paid to acquire
them

going concern - Answer-The assumption that an entity is not in the process of
liquidation and that it will continue indefinitely

Monetary unit - Answer-The yardstick used to measure amounts in financial statements;
the dollar in the United States.

Time period - Answer-A length of time on the calendar used as the basis for preparing
financial statements

Generally accepted accounting principles (GAAP) - Answer-The various methods, rules,
practices, and other procedures that have evolved over time in response to the need to
regulate the preparation of financial statements.

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