Exam (elaborations)
ACNT 2301 Q&A 2024
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Exam of 4 pages for the course studies at studies (ACNT 2301 Q&A 2024)
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ACNT 2301What are Assets? -✅✅-resources a company has control over
What are examples of assets? - ✅✅-Cash, supplies, equipment, land
What is Account Receivable? - ✅✅-Money owed to the company by customer for
goods or services provided
✅✅
What is it called when goods or services are provided on credit to the customer? -
-Account Receivable
✅✅-Money owed by the company
What are Liabilities? -
What are some examples of Liabilities? - ✅✅-payroll, loans, Accounts Payables
What are Accounts Payables? - ✅✅-Money a company owes
Are Accounts Receivables assets, liabilities or equity? - ✅✅-Assets
Are Accounts Payable assets, liabilities or equity? - ✅✅-Liabilities
True or False: Accounts Payable is on credit? - ✅✅-True
What is Equity? - ✅✅-Resources owned and controlled by the company
Another names for Equity? - ✅✅-Net Assets or Residual Equity
What is the Accounting Equation? - ✅✅-Assets = Liabilities + Equity
How do you calculate Equity using the Accounting Equation? - ✅✅-Equity = Assets
- Liability
How can Equity be broken down, from the Accounting Equation? - ✅✅-Contributed
Capitol and Retaining Earnings
✅✅
How can Retained Earnings be broken down, from the Accounting Equation? -
-Stocks - Dividens + Revenue - Expenses
What are stocks? -✅✅-shares of ownership in a company in exchange for cash
What are people called that buy stocks? - ✅✅-Shareholders
What are dividens? - ✅✅-Cash paid to shareholders
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