BUNDLE - ACCT EXAMS

acct exam 1 questions & answers 2023/2024 Income statement - ANSWER-revenue-expenses=net income (loss) -NET INCOME IS NEEDED TO DETERMINE THE ENDING BALANCE IN RETAINED EARNINGS statement of retained earnings - ANSWER-beginning retained earnings+net income-dividends=end retained earnings ...

Acct. Exam 1 Questions & Answers 2023/2024 Financial Statements Required by GAAP - ANSWER--Balance Sheet -Income Statement -Statement of Cash Flows -Statement of Changes in Stock Equity Who is the audience of Financial Accounting? - ANSWER-Focuses on the needs of external users -Investo...

ACCT Exam 1 Questions & Answers 2023/2024 Which of the following is not an asset account? - ANSWER-Common Stock Which of the following statements describe transactions that would be recorded in the accounting system? - ANSWER-An exchange of an asset for a promise to pay Total assets on a ...

Acct Exam 1 Questions & Answers 2023/2024 sole proprietorship - ANSWER-business owned by one person + simple to establish, full control, tax advantage partnership - ANSWER-business owned by 2 or more people; often formed if one doesn't have enough economic resources or partner brings uniqu...

Accounting 200 Exam 1 Questions & Answers 2023/2024 account payable - ANSWER-a liability backed by the general reputation and credit standing at the debtor. accounting - ANSWER-the information system that measures business activities, processes that information into reports and financial sta...

Acct Exam 1 Questions & Answers 2023/2024 Who are the internal users of accounting information? - ANSWER-Managers, Administrators, Controllers, Production, Human Resource or Marketing personnel Who are the external users of accounting information? - ANSWER-Lenders, Creditors, Bank loan offic...

Accounting Practice Exam Questions & Answers 2023/2024 A T-account is: - ANSWER-a way of depicting the basic form of an account The ledger, book of final entry, has accounts to be arranged in: - ANSWER-financial statement order Which is NOT an application of the Revenue Recognition Princi...

Accounting test questions and answers 2023/2024 The two main qualities of accounting are - ANSWER-Relevance and reliability The largest organization of professional accountants - ANSWER-AICPA The FASB is responsible for establishing - ANSWER-GAAP The owners interest in the assets of a ...

Financial Accounting Exam 1 Questions & Answers 2023/2024 creditors - ANSWER-persons or entities to whom a company owes money amount owed to creditors - ANSWER-liabilities note payable - ANSWER-liability to the bank bonds payable - ANSWER-debt securities sold to investors that must be ...

ACCT Exam 1 Questions & Answers 2023/2024 Three forms of business organization - ANSWER-sole proprietorship, partnership, corporation Sole Proprietorship - ANSWER-simple to establish, owner controlled, tax advantages Partnership - ANSWER-simple to establish, shared control, broader skills...

Accounting Exam 1 Questions & Answers 2023/2024

ACCT Exam 1 Questions & Answers 2023/2024 Internal users - ANSWER-Someone who works inside the bussiness. Finance, management, marketing, Human Resources External users - ANSWER-Banks, shareholders, investors, IRS, Community members (sometimes internal) Forms of ownership - ANSWER-sole pr...

Accounting Exam 2 Questions & Answers 2023/2024 Which of the following does NOT describe an income statement? a. summarizes the results of a company's operating activities for a specific accounting period b. also known as a statement of assets c. used by investors to help judge their retur...

acct exam 1 questions & answers 2023/2024 Relevance - ANSWER-can impact a decision maker's decision Predictive value - ANSWER-Help us predict future cash flows/net income materiality - ANSWER-omitting or mistaking it can affect decision makers decision Confirmatory value - ANSWER-Conf...