100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Financial Accounting Exam 1 Questions With Correct Answers $10.49
Add to cart
Quickly navigate to
Preview
  2.  
  3. Financial Accounting
  4.  
  5. Financial Accounting

Exam (elaborations)

Financial Accounting Exam 1 Questions With Correct Answers
 0 purchase
  • Course
  • Financial Accounting
  • Institution
  • Financial Accounting

Financial Accounting Exam 1 Questions With Correct Answers Balance Sheet - answerA financial statement that reports assets, liabilities, and owner's equity at a specific point in time. Income Statement - answerA financial statement showing the revenue and expenses for a fiscal period. Revenues...

[Show more]

Preview 2 out of 5  pages

Document information

  • October 16, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • financial accounting exam 1 questions with correct

Written for

  • Financial Accounting
  • Financial Accounting

Seller

avatar-seller
sirjoel

Reviews received

Content preview

©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM



Financial Accounting Exam 1 Questions
With Correct Answers


Balance Sheet - answer✔A financial statement that reports assets, liabilities, and owner's equity

at a specific point in time.


Income Statement - answer✔A financial statement showing the revenue and expenses for a fiscal

period. Revenues - expenses = net income


Income Summary Account - answer✔used to accumulate and summarize the revenue and

expenses for the period


Trial Balance - answer✔a list of accounts and their balances at a given time


Statement of Cash Flows - answer✔A financial statement that provides financial information

about the cash receipts and cash payments of a business for a specific period of time.


permanent accounts - answer✔all accounts that appear in the balance sheet; account balances are

carried forward from period to period


temporary accounts - answer✔Revenue, expense, and dividend accounts whose balances a

company transfers to Retained Earnings at the end of an accounting period.

, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM


Business entity assumption - answer✔A business is accounted for separately from other business

entities, including its owner.


time period assumption - answer✔Assumption that an organization's activities can be divided

into specific time periods such as months, quarters, or years.


Revenue recognition principle - answer✔The principle that companies recognize revenue in the

accounting period in which the performance obligation is satisfied.


Going Concern Assumption - answer✔The assumption that the company will continue in

operation for the foreseeable future.


Asset Accounts - answer✔You own, examples include: cash, accounts receivable, notes

receivable, prepaid accounts, supplies, equipment, buildings, land


Liability accounts - answer✔You owe, Examples include: accounts payable, notes payable,

accrued liabilities, unearned revenue


Shareholders equity accounts - answer✔Assets - common stock and retained earnings


Closing entries - answer✔Entries that transfer the balances of all temporary accounts (revenues,

expenses, and dividends) to the balance of the Retained Earnings account


Adjusting entries - answer✔journal entries recorded to update general ledger accounts at the end

of a fiscal period

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 sirjoel. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69252 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$10.49
  • (0)
Add to cart
Added