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ACG2021 UCF Exam 1 Study Guide Ch 1 & 2 (1)
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ACG2021 UCF Exam 1 Study Guide Ch 1 & 2 (1)
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ACG2021 UCF Exam 1 Study Guide Ch 1 & 2Accounting Equation - ANS-equation that shows a company's resources (assets) equal
creditors' and owners' claims to those resources (liabilities and stockholders' equity).
Accounting Equation - ANS-Asset = Liabilities + Stockholders Equity
Debit/ Credit common stock /retained earnings
/ revenue
/ expense
/ dividents
Generally accepted accounting principles (GAAP) - - ANS-the rules of financial accounting
Assets - ANS-resources owned by a company.
Liabilities - ANS-amount owed to creditiors.
Stockholders' Equity - ANS-owners' claims to resources.
Revenues - ANS-the amounts earned from selling products or services to customers.
Expenses - ANS-the cost of providing products and services.
Business Transaction - ANS-An economic event that initiates the accounting process of
recording it in toe company's accounting system.
Accounting Period - ANS-the specific time period (Beginning and End) for which the accounts
are aggregated, balanced, and the financial statements are prepared.
Account - ANS-summary of the effects of all transactions related to a particular item over a
period of time.
Chart of accounts - ANS-A list of all account names used to record transactions of a company.
Financial Statements - ANS-periodic reports published by the company for the purpose of
providing information (communicate ) to external users.
Income Statement - ANS-financial statement that reports the company's revenues and
expenses over an interval of time.
Statement of Stockholders' Equity - ANS-financial statement that summarizes the changes in
stockholders' equity over an interval of time
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