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Survey Of Accounting Terms Exam Questions and Answers Already Passed

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Survey Of Accounting Terms Exam Questions and Answers Already Passed Accounting - Answers A system that measures the business's activities in financial terms, provides written reports and financial statements about those activities, and communicates these reports to decision makers and others. A...

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  • November 7, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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Survey Of Accounting Terms Exam Questions and Answers Already Passed

Accounting - Answers A system that measures the business's activities in financial terms, provides
written reports and financial statements about those activities, and communicates these reports to
decision makers and others.

Accounts payable - Answers Amounts owed to creditors that result from the purchase of goods or
services on account—a liability.

Accounts receivable - Answers An asset that indicates amounts owed by customers.

Assets - Answers Properties (resources) of value owned by a business (cash, equipment, land).

Balance sheet - Answers A statement, as of a particular date, that shows the amount of assets owned by
a business as well as the amount of claims (liabilities and owner's equity) against these assets.

Basic accounting equation - Answers Assets=Liabilities + Owner's Equity.

Bookkeeping - Answers The recording function of the accounting process.

Capital - Answers The owner's investment of equity in the company.

Corporation - Answers A type of business organization that is owned by stockholders. Stockholders
usually are not personally liable for the corporation's debts.

Creditor - Answers Someone who has a claim to assets.

Ending capital - Answers Beginning Capital + Additional Investments +Net Income - Withdrawals =
Ending Capital. Or: Beginning Capital + Additional Investments - Net Loss - Withdrawals = Ending Capital.

Equities - Answers The interest or financial claim of creditors (liabilities) and owners (owner's equity)
who supply the assets to a firm.

Expanded accounting equation - Answers Assets = Liabilities + Capital - Withdrawals +Revenue -
Expenses.

Expense - Answers A cost incurred in running a business by consuming goods or services in producing
revenue; a subdivision of owner's equity. When expenses increase, there is a decrease in owner's equity.

GAAP Generally accepted accounting principles - Answers The procedures and guidelines that must be
followed during the accounting process.

Income statement - Answers An accounting statement that details the performance of a firm (revenue
minus expenses) for a specific period of time.

Liabilities - Answers Obligations that come due in the future. Liabilities result in increasing the financial
rights or claims of creditors to assets.

, Manufacturer - Answers Business that makes a product and sells it to its customers.

Merchandise company - Answers Business that buys a product from a manufacturing company to sell to
its customers.

Net Income - Answers When revenue totals more than expenses, the result is net income.

Net loss - Answers When expenses total more than revenue, the result is net loss.

Owner's equity - Answers Rights or financial claims to the assets of a business (in the accounting
equation, assets minus liabilities).

Partnership - Answers A form of business organization that has at least two owners. The partners usually
are personally liable for the partnership's debts.

Revenue - Answers An amount earned by performing services for customers or selling goods to
customers; it can be in the form of cash or accounts receivable. A subdivision of owner's equity: As
revenue increases, owner's equity increases.

Service company - Answers Business that provides a service.

Shift in assets - Answers A shift that occurs when the composition of the assets has changed but the
total of the assets remains the same.

Sole proprietorship - Answers A type of business ownership that has one owner. The owner is personally
liable for paying the business's debts.

Statement of financial position - Answers Another name for a balance sheet.

Statement of owner's equity - Answers A financial statement that reveals the change in capital. The
ending figure for capital is then placed on the balance sheet.

Supplies - Answers One type of asset acquired by a firm; it has a much shorter life than equipment.

Withdrawals - Answers A subdivision of owner's equity that records money or others assets an owner
withdraws from a business for personal use.

Account - Answers An accounting device used in bookkeeping to record increases and decreases of
business transactions relating to individual assets, liabilities, capital, withdrawals, revenue, expenses,
and so on.

Chart of account - Answers A numbering system of accounts that lists of the account titles and account
numbers to be used by a company.

Compound entry - Answers A transaction involving more than one debit or credit.

Credit - Answers The right-hand side of any account. A number entered on the right side of any account
is said to credited to an account.

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