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ACCT 209 TAMU Exam 1 Questions and Answers 2024
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ACCT 209 TAMU Exam 1
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ACCT 209 TAMU Exam 1Income Statement format – answer NI=Rev.-Exp.
Balance Sheet format – answer Assets=Liba. Total Stockholder's Equity
Statement of Retained Earnings format - answer Beg. Bal. in RE+NI-Dividends=End
Bal. in RE
What is the connecting link between the income statement and the balance sheet? -
answer Statement of Retained Earnings
What order must you PREPARE (not present) the financial statements? - answer1)
Income Statement 2) Statement of Retained Earnings 3) Balance Sheet
Why must you prepare the financial statements in a certain order? - answer Because
Net Income is needed in order to prepare the Statement of Retained Earnings, and
ending balance of RE is needed to prepare the Balance Sheet
Cash - answerAsset
Marketable Securities - answerAsset
Accounts Receivable - answerAsset
Inventory - answerAsset
Prepaid Expenses - answerAsset
Supplies - answerAsset
Land - answerAsset
Buildings - answerAsset
Equipment - answerAsset
Machinery - answerAsset
Office Furniture - answerAsset
Intangible Assets - answerAsset
, Accounts Payable - answerLiability
Wages Payable - answerLiability
Taxes Payable - answerLiability
Interest Payable - answerLiability
Unearned Revenue - answerLiability
Accrued Liabilities (or Accrued Expenses) - answerLiability
Notes Payable - answerLiability
Mortgages Payable - answerLiability
Bonds Payable - answerLiability
Common Stock (or Capital Stock) - answerStockholder's Equity
Retained Earnings - answerStockholder's Equity
For all asset, expense, and dividends accounts, the account balance is increased on the
_______ side. For all other accounts, the balance is increased on the _______ side. -
answerDebit; Credit
The goal of accounting is to provide information that will be ___________________. -
answeruseful in making decisions
Financial accounting provides information to _____ - answerexternal users
Managerial accounting provides information to ____ - answercompany management
(internal users)
Shows the result of operations (profitability) for a period of time - answerIncome
Statement
Shows changes in the equity accounts for a period of time - answerThe Statement of
Retained Earnings
Shows the financial position at a point in time. Shows Assets = Liabilities + Owners'
Equity - answerBalance Sheet
Assets = Liabilities + Owners' Equity is known as the - answeraccounting equation
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