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ACC 200 Exam 1 Actual Questions And Correct Detailed Answer Guaranteed Pass.
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accounting - correct answer the process of identifying, measuring and communicating economic information to permit informed judgements and decisions -the language of business basic accounting formula - correct answer assets=liabilities + stockholders equity stockholders equity - co...

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  • September 18, 2024
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  • 2024/2025
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ACC 200 Exam 1

accounting - correct answer the process of identifying, measuring and communicating economic
information to permit informed judgements and decisions

-the language of business



basic accounting formula - correct answer assets=liabilities + stockholders equity



stockholders equity - correct answer contributed capital + retained earnings



-contributed capital: reported on balance sheet

-common stock, contributed capital, RE, treasury stock



retained earnings - correct answer revenues- expenses- dividends



-reported on balance sheet and statement of RE



historic cost principle - correct answer record initially the activities of a company at cost

-assets should be recorded and reported at the cost paid to acquire them



revenue recognition principle - correct answer revenue should be recorded when a resource has been
earned



matching principle - correct answer expenses should be recorded in the period resources are used to
generate revenue



conservatism principle - correct answer avoids overstating assets or income in the preparation of
financial statements

, full disclosure principle - correct answer reveal any info that makes a difference to financial statement
users



economic entity assumption - correct answer financial activities of a business should be accounted for
separately from the business's owners



monetary unit assumption - correct answer organizations are to report their financial results and
activities in monetary units



time period assumption - correct answer divides the life of the organization into artificial time periods
to report results over short periods of time



going concern assumption (continuity) - correct answer the company for which we are accounting will
continue its operations into the foreseeable future



understandability - correct answer can be comprehended by someone with a reasonable knowledge
of business and finance



relevance - correct answer the capacity of accounting information to make a difference in decisions



reliablity - correct answer the extent to which accounting information can be depended upon to
represent what it is suppose to represent, both in description and numbers



comparability - correct answer achieved when different companies use the same accounting methods

-used to compare and contrast between companies



consistency - correct answer application of the same accounting principle by a single company over
time



materiality - correct answer the threshold at which a financial item begins to affect decision making



steps to get a financial statement - correct answer 1. income statement

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