Accounting 101 Final Exam Questions And Already Passed Answers.
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Course
Accounting 101
Institution
Accounting 101
What are assets recorded at? - Answer The historical/original cost because it is objective and verifiable.
Left side - Answer Debit
Right side - Answer Credit
The 3 forms of business entities - Answer Proprietorship, Partnership, Corperation
What is the definition of a reven...
Accounting 101 Final Exam Questions
And Already Passed Answers.
What are assets recorded at? - Answer The historical/original cost because it is objective and verifiable.
Left side - Answer Debit
Right side - Answer Credit
The 3 forms of business entities - Answer Proprietorship, Partnership, Corperation
What is the definition of a revenue? - Answer inflows of resources that increase retained earnings by
delivering goods or service to customers
What is the definition of an expense? - Answer resource outflows that decrease retained earnings due
to operations
What is the difference between internal and external users? - Answer Financial accounting is for those
externally - that way investors, creditors, government agencies, and the public can make decisions.
Management accounting is for those internally - information for managers to base their decisions upon.
What does FASB stand for? - Answer Financial
Accounting
Standards
Board
What is FASB responsible for? - Answer GAAP (Generally Accepted Accounting Principles)
What is the accounting equation? - Answer Assets = Liabilities + Owners Equity
, What are the 3 activities a business engages in? - Answer Operating -
Investing -
Financing -
What does IFSB stand for? - Answer International Accounting Standards Board
Who set the worldwide accounting standards? - Answer IASB ( International Accounting Standards
Board)
What is the primary objective of financial accounting? - Answer To provide useful information for
decision making.
What makes information relevant? - Answer It has to be a material that would make the decision
maker decide for or against an idea.
Financial information should be understandable to whom? - Answer Everyone looking to make financial
decisions
What is on the balance sheet? - Answer assets, liabilities, and owners equity
What is on the income statement? - Answer revenues - expenses = net income
What is net income? - Answer Revenues - Expenses
What are source documents? - Answer Invoices, checks, time cards, shipping/receiving documents.
Where does the initial recording of a transaction go? - Answer journal
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