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Accounting chapter 1 questions with actual answers. $9.19   Add to cart
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Accounting chapter 1 questions with actual answers.
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  • Accounting 101

Accounting chapter 1 questions with actual answers.

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  • August 29, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting chapter 1 questions with actual answers

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  • Accounting 101
  • Accounting 101

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Accounting chapter 1 questions with
actual answers.
accounting equation ANS - A equation that presents the resources of a company and the claims to
those resources.

ie. assets = liabilities+stockholders' equity

assets= liabilities+paid in capital+retained earnings



assets ANS - economic resources that are expected to produce a benefit in the future

- assets = liabilities + stockholders' Equity

-Assets = Liabilities + Paid-in Capital + Retained Earnings



1. Cash

2. Accounts Receivable

3. Notes Receivable

4. Inventory

5. Prepaid expenses

6. land

7. buildings

8. Equipment, furniture and fixtures



liabilities (outsiders' claims) ANS - Debts payable to outsiders(creditors).

*a creditor who has loaned money has a legal claim to that company's earnings until it is paid back.

1. Accounts Payable

2. Notes Payable

3. Accrued Liabilities

4. Interest Payable

5. Salary payable

6.Income tax payable

, stockholders' (owners') equity(capital, stockowners equity) ANS - Represents the insiders' claims to a
business

- owners' equity = assets minus liabilities

1. Common stock

2. Retained earnings

3. dividends

4. revenues

5. expenses

stockholders' equity increases when:

-The corporation sales stock

-increase net income



stockholders' equity decreases when:

- corporation distributes dividends

-experiences net loss



equity ANS - equity means ownership

ex. home equity: how much of your home do you own



long term debt ANS - a liability that's payable beyond one year from the date of financial statements



current portion ANS - the amount of a long term debt that is due the upcoming year

*must be disclosed separately



financial accounting ANS - provides information for decision makers outside the entity.

-information must be relevant for the needs of decision makers and must faithfully give an accurate
picture of the entity's financial activities.

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