Exam (elaborations)
UCF ACG 2021 Exam 1 Review (1
- Course
- Institution
UCF ACG 2021 Exam 1 Review (1
[Show more]
Seller
Follow
modockochieng06
Content preview
UCF ACG 2021 Exam 1 ReviewAdjusting entries - ANS-to record events that have occurred but that have not been recorded,
such recording insurance expense at the end of the month from a prepaid policy
Adjusted trial balance - ANS-list of all accounts and their balances after we have updated
account balances for adjusting entries.
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
Balance sheet - ANS-financial statement that presents the financial position of the company on
a particular date.
Operating Cash Flow - ANS-include cash receipts and cash payments for transactions involving
revenue and expense activities during the period.
Investing Cash Flow - ANS-generally include cash transactions for the purchase and sale of
investments and long-term assets.
Financing Cash Flow - ANS-include cash transactions with lenders, such as borrowing money
and repaying debt, and with stockholders, such as issuing stock and paying dividends.
Statement of Cash Flows - ANS-financial statement that measures activities involving cash
receipts and cash payments over an interval of time.
Closing entries - ANS-entries that transfer balances of all temporary accounts (revenues,
expenses, and dividends) to the balance of the retained earnings account.
Temporary accounts - ANS-revenues, expenses, and dividends are closed out at the end of
each accounting period and transferred to Retained Earnings so that the new period begins with
a zero (0) balance for these accounts.
Permanent accounts - ANS-the balance sheet accounts where the balances are carried forward
from period to period.
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 or Stuvia-credit 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 modockochieng06. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now