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ACCT 201 - Accounting Exam 1 Louisiana Tech University (2024 / 2025) Questions and Verified Answers, 100% Guarantee Pass $12.99   Add to cart

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ACCT 201 - Accounting Exam 1 Louisiana Tech University (2024 / 2025) Questions and Verified Answers, 100% Guarantee Pass

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ACCT 201 - Accounting Exam 1 Louisiana Tech University (2024 / 2025) Questions and Verified Answers, 100% Guarantee Pass

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  • August 28, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ACCT
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Accounting Exam 1 - ACCT 201 - Louisiana Tech University.pdf file:///C:/Users/HP/Desktop/pppppp/Accounting%20Exam%201%2




Accounting Exam 1 - ACCT 201 - Louisiana Tech

University


1. Account Balance

ANS Difference between total debits and total credits (including thebeginning balance) for an

account.

2. Accounting

ANS comprehensive system for collecting, analyzing, and communicat-ing financial

information

3. Accounting Cycle

ANS for a given time period, the cycle of recording accountingdata, adjusting the accounts,

preparing the financial statements, and closing thetemporary accounts; when one accounting

cycle ends a new one begins

4. Accounting Event

ANS Economic occurrence that changes a company's assets,liabilities, or equity

5. Accounting Period

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,Accounting Exam 1 - ACCT 201 - Louisiana Tech University.pdf file:///C:/Users/HP/Desktop/pppppp/Accounting%20Exam%201%2




ANS Time span covered by the financial statements; normallyone year, but may be a quarter,

month or some other time interval

6. Accrual

ANS Accounting recognition of revenue or expense in a period before cashis exchanged

7. Accrual Accounting

ANS Accounting system which recognizes revenues when earned and expenses when

incurred regardless of when the related cash is ex-changed

8. Adverse Opinion

ANS Opinion issued by a certified public accountant that meansone or more departures from

GAAP in a company's financial statements are so very material the auditors believe the

financial statements do not fairly representthe company's status

9. Adjusting Entry

ANS Entry that updates account balances prior to preparing financialstatements; a bookkeeping

tool. Adjusting entries never affect the Cash account

10. Allocations

ANS Recognizing expenses by systematically assigning the cost of anasset to periods of use

11. American Institute of CPA's

ANS National association that serves the education and professional interests of member of the
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