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...
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:
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.51. You're not tied to anything after your purchase.
