Exam (elaborations)

ACC 2361 EXAM 1 QUESTIONS & ANSWERS 2024/2025

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ACC 2361

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ACC 2361

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Uploaded on October 15, 2024
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Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

acc 2361 exam 1 questions answers

Institution ACC 2361
Course ACC 2361

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ACC 2361 EXAM 1 QUESTIONS &
ANSWERS 2024/2025

Accounting Definition - ANSWERSAn information system that *identifies, records and communicates the
economic events* of an organization to interested users

Basic Accounting Equation - ANSWERSAssets = Liabilities + Stockholder's Equity

*A = L + SE*

Asset - ANSWERSEconomic resources presently controlled by the company that have measurable value &
are expected to benefit the company by producing cash inflows or reducing cash outflows in the future

EX) Cash, Supplies, Furniture, Equipment, Accounts *Receivable*

Liability - ANSWERSAmount if money a company owes to someone

EX) Notes *Payable*, Accounts *Payable*, & unearned revenue

Stockholder's Equity - ANSWERSOwner's claim to business resources

EX) Common Stock (paid), Retained earnings

Net Income/Net Loss - ANSWERSRevenues - Expenses = Net Income/Loss

Revenues - ANSWERS-Sales of goods or services to customers

-They are measured at the amount the business charges the customers

, Expenses - ANSWERSThe cost of doing business necessary to earn revenues, including wages to
employees, advertisements, insurance, utilities & supplies *used* in an office

Unearned Revenue - ANSWERSGetting money before performing

EX) Receiving $50 now to wash someone's car tomorrow. It is unearned until the car is washed

Financial Statements - ANSWERS(1) Income Statement

(2) Statement of Retained Earnings

(3) The Balance Sheet

(4) Statement of Cash Flows

Income Statement - ANSWERS-Reports the amount of revenues & expenses doe a *period of time*

-This statement will reveal net income/loss

Statement of Retained Earnings - ANSWERS-Reports the way that net income and the distribution of
dividends affected the financial position of the company during the *period of time*

-Shows the beginning net earnings & the net income/loss for the month, thus showing the *retained
earnings*

Dividends - ANSWERS-Distributions of a company's earnings to its stockholders as a return on their
investment

-These are *NOT* an expense, revenue or asset

-Takes the company's retained earnings and give them to investors

The Balance Sheet - ANSWERS-Reports at a point in time, *one particular date* and shows:

(1) What a business owns (*asset*)

(2) What it owes to creditors (*liabilities*)

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Exam (elaborations)

ACC 2361 EXAM 1 QUESTIONS & ANSWERS 2024/2025

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