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AIS Ch 2 Exam 1 Questions & Answers 2024/2025
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AIS Ch 2 Exam 1 Questions & Answers 2024/2025
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AIS Ch 2 Exam 1 Questions & Answers2024/2025
Accounting - ANSWERSBookkeeping is typically done before accounting, the process of identifying,
measuring, and communicating economic decisions to permit informed judgments
Bookkeeping - ANSWERSA part of accounting that involves only the recording of economic events
Not guaranteed success in the accounting profession
The accounting cycle - ANSWERSthe process by which companies produce their financial statements for
a specific period
10 steps?
External vs internal transactions - ANSWERSExternal transactions are exchanges of goods and services.
Through the use of source documents (paper based or electronic)
Internal transactions are adjusting entires, closing entries, and reversing entries
Expanded Accounting Equation - ANSWERSAssets = Liabilities + Equity + Revenue - Expense
Helps with principles of debit and credit
General-purpose financial statements - ANSWERSIncome statement, Stockholders equity, balance sheet,
and statement of cash flows
Sequential coding - ANSWERSAssigns numbers to objects in chronological sequence, also a method of
internal controls
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