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ACCT 2102 - Conceptual Questions (Test 1) [Farmer] | Latest Version | 2024/2025 | Graded A+

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ACCT 2102 - Conceptual Questions (Test 1) [Farmer] | Latest Version | 2024/2025 | Graded A+ Define the accounting equation. Assets = Liabilities + Equity. What is the role of generally accepted accounting principles (GAAP)? GAAP provides a framework for consistent financial reporting. ...

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ACCT 2102 - Conceptual Questions (Test
1) [Farmer] | Latest Version | 2024/2025 |
Graded A+
Define the accounting equation.

✔✔Assets = Liabilities + Equity.

What is the role of generally accepted accounting principles (GAAP)?

✔✔GAAP provides a framework for consistent financial reporting.

What is the difference between cash basis and accrual basis accounting?

✔✔Cash basis recognizes revenue and expenses when cash is exchanged, while accrual basis

recognizes them when they are earned or incurred.

What does the term "liquidity" refer to in accounting?

✔✔Liquidity refers to a company's ability to meet its short-term obligations.

Explain what a journal entry is.

✔✔A journal entry is a record of a financial transaction in the accounting system.

1

,What is the purpose of a trial balance?

✔✔A trial balance is used to ensure that debits equal credits in the accounting records.

What are current assets? Give examples.

✔✔Current assets are assets expected to be converted to cash or used within one year, such as

cash, accounts receivable, and inventory.

Define "depreciation."

✔✔Depreciation is the systematic allocation of the cost of a tangible asset over its useful life.

What is the function of the income statement?

✔✔The income statement summarizes a company's revenues and expenses to show its

profitability over a specific period.

What are intangible assets? Provide examples.

✔✔Intangible assets are non-physical assets, such as patents, trademarks, and goodwill.

2

, What is the purpose of the statement of cash flows?

✔✔The statement of cash flows provides information about a company's cash inflows and

outflows during a specific period.

Explain the difference between fixed costs and variable costs.

✔✔Fixed costs do not change with the level of production, while variable costs fluctuate with

production volume.

What is working capital, and how is it calculated?

✔✔Working capital is the difference between current assets and current liabilities, indicating a

company's short-term financial health.

What does "revenue recognition" mean?

✔✔Revenue recognition is the accounting principle that dictates when revenue is recognized in

the financial statements.

What is a contra asset account?

✔✔A contra asset account is used to reduce the value of a related asset account, such as

accumulated depreciation reducing the value of equipment.

3

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