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Accounting Exam 1 Questions And Answers
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Accounting Exam 1 Questions And Answers Accrual Accounting Accounting system which recognizes revenues when earned and expenses when incurred regardless of when the related cash is exchanged Adverse Opinion Opinion issued by a certified public accountant that means one or more departures from...

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  • November 12, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting exam 1 questions and answers

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  • Financial Accounting
  • Financial Accounting

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Accounting Exam 1 Questions And Answers

Accrual Accounting Accounting system which recognizes revenues when earned and

expenses when incurred regardless of when the related cash is exchanged




Adverse Opinion Opinion issued by a certified public accountant that means one or more

departures from GAAP in a company's financial statements are so very material the auditors

believe the financial statements do not fairly represent the company's status




Adjusting Entry Entry that updates account balances prior to preparing financial

statements; a bookkeeping tool. Adjusting entries never affect the Cash account




Allocations Recognizing expenses by systematically assigning the cost of an asset to

periods of use




American Institute of CPA's National association that serves the education and

professional interests of member of the public accounting profession; membership is voluntary




Annual Reports Document companies publish to provide information, including financial

statements, to stockholders

, Accounting Exam 1 Questions And Answers

Asset Exchange Transaction A transaction that decreases one asset and increases another

asset; total asset remain unchanged.




Asset Source Transaction A transaction that increases both an asset and a claim on assets ;

the three types of asset source transactions are aquisitions from owners (equity), borrowing from

creditors (liabilities), or earnings from operations (revenues).




Asset Use Transaction A transaction that decreases both an asset and a claim on assets; 3

types are distributions, liability payments, or expenses




Asset Economic resource used to produce revenue which is expected to provide future

benefit to the business




Audits the verifying of facts or procedures




Balance Sheet A financial statement that summarizes a company's assets, liabilities and

shareholders' equity at a specific point in time.

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