ACC 201 Certification Exam Questions With Correct Answers Graded A+.
6 views 0 purchase
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Rechga. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.