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ACC 101 || with 100% Error-free Answers.
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4 primary financial statements correct answers Income statement --> Fees Earned - Expenses = net income RES = Uses net income, minus dividends, gives RE Balance Sheet --> A = L + SE, uses RE, gives cash SOCF --> Uses cash, gives net cash flow 3 forms of businesses and business organi...

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  • August 9, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • 4 primary financial statements

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  • ACC 101
  • ACC 101

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ACC 101 || with 100% Error-free Answers.
4 primary financial statements correct answers Income statement --> Fees Earned - Expenses =
net income
RES = Uses net income, minus dividends, gives RE
Balance Sheet --> A = L + SE, uses RE, gives cash
SOCF --> Uses cash, gives net cash flow

3 forms of businesses and business organizations correct answers Service --> Delta
Merchandising --> Walmart
Manufacturing --> Dell

Application of the cost concept, business entity concept, and objectivity concept correct answers
Business entity --> business is viewed as an entity separate from its owners, creditors, or other
businesses
(Proprietorship ,partnership, corporation, LLC)

Cost concept --> Accounts are recorded at their cost or purchase price

Objectivity --> Amounts recorded are of objective difference

Definition of GAAP correct answers Generally accepted guidelines for financial statement prep

Accounting equation correct answers A = L + SE

Assets, liabilities, and equity definitions correct answers

Classification and normal balance (debit or credit) of accounts correct answers Debit = left
Credit = right

Assets, Expense, Dividends --> left (debit) is +

Everything else --> Left (debit) is -

Revenue recognitions and matching concepts correct answers RR = Reporting revenue when
service is provided (even if no cash has been received)

Matching = expenses are matched with revenue generated during period by expenses (even if bill
is due next month)

Know the 5 types of adjusting entries, and be able to complete the entries as well correct answers
1)
The second type of adjusting entry is unearned revenues: Unearned revenues represent . The
adjusting entry is:

The third type of adjusting entry is accrued revenues:

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