Financial Accounting Exam 1 Questions & Answers 2023/2024

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 repaid at a particular date some years in the future common stock - ANSWER-the total amount paid in by stockholders for the shares they purchase dividends - ANSWER-payments of cash from a corporation to its stockholders assets - ANSWER-resources owned by a business revenue - ANSWER-the increase in assets or decrease in liabilities resulting from the sale of goods or the performance of services in the normal course of business supplies - ANSWER-assets used in day-to-day operations inventory - ANSWER-assets that are goods available for future sales to customers account receivable - ANSWER-the right to receive money in the future expenses - ANSWER-the cost of assets consumed or services used in the process of generating revenues