ACC 201 Certification Exam Questions With Correct Answers Graded A+.
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Course
ACC.
Institution
ACC.
Accounting - correct answer Information system that identifies, records and communicates the economic events
Income Statement - correct answer To show how sucessfully your business performed during a certain time (Revenues and Expenses)
Retained Earnings Statement - correct answer ...
Accounting - correct answer Information system that identifies, records and communicates the
economic events
Income Statement - correct answer To show how sucessfully your business performed during a
certain time (Revenues and Expenses)
Retained Earnings Statement - correct answer How much previous income was distributed to owners
and how much was retained for future growth
- Add Net Income. Deduct Dividends.
Balance Sheet - correct answer At a point in time showing what your business owns (assets) and what
it owes (liabilities&s.e)
Statement of Cash Flows - correct answer Show where your business obtained cash during a period of
time and how that cash was used
- Where did cash come from during this period?
- How was cash used during this period?
Sole Propietorship - correct answer Business owned by one person
(Barber shops, law offices, farms)
Partnership - correct answer Owned by 2 or more people associated as partners
(Lawyers, architects, doctors)
Corporation - correct answer Organized as a seperate legal entity owned by stockholders
(coca-cola, microsoft)
, Sarbanes-Oxley Act (SOX) - correct answer Passed by Congress to reduce unethical coporate behavior
and decrease the likelihood of future corporate scandals. Relates to public companies.
Assets - correct answer Resources owned by a business
Example: cash, pp&e, accounts recievable
Liabilities - correct answer Amounts owed to creditors
Example: note payable, bonds payable
Stockholder's Equity - correct answer The owners claim to assets
Example: common stock, retained earnings, dividends
Common Stock - correct answer Under SE.
Results when the company sells new shares of stock
Retained Earnings - correct answer Under SE.
The net income retained in the corporation
Dividends - correct answer Under SE.
Cash payments to stockholders
Revenues - correct answer Amounts earned on a sale or service
Expenses - correct answer What's necessary to produce and sell the product. Asset consumed or
service used
Example: cost of goods sold, *anything ending in expense*
Net Income - correct answer When total revenues exceed total expenses
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