Exam (elaborations)
Accounting Exam 1- Dr. Black Lee University Questions and Answers
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- Accounting
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- Accounting
Accounting Exam 1- Dr. Black Lee University Questions and Answers
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Accounting Exam 1- Dr. Black LeeUniversity Questions and Answers
Accounts Payable - Answer-Liability, Amounts to be paid in the future for goods or
services already acquired
Accounts Receivable - Answer-Asset, someone else owes the company
Accounting Equation - Answer-Assets = Liabilities + Equity
Assets - Answer-resources owned by a business
Balance Sheet - Answer-a statement of the assets, liabilities, and capital of a business
or other organization at a particular point in time, detailing the balance of income and
expenditure over the preceding period.
Business Entity Assumption - Answer-business is separate from people
CPA - Answer-certified public accountant
Common Stock - Answer-capital, part of a company that the people own
Dividends - Answer-what we pay to stckholders
Equity - Answer-capital, dividends, revenue, expenses
Expense Recognition Principle - Answer-expenses are recorded in same time period
(matching) as the recorded revenue
Expenses - Answer-The cost of assets consumed or services used in the process of
generating revenues.
Fees Earned - Answer-revenue from providing services
FASB - Answer-Financial Accounting Standards Board; develops GAAP for public
companies.
Fiscal year - Answer-an accounting period that is one year long, natural business year
GAAP - Answer-Generally Accepted Accounting Principles. The standards and rules
that accountants follow while recording and reporting financial activities.
Historical Cost Principle - Answer-Initial price. what did I actually pay for it?
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