Accounting 200 Exam 1; Questions & Answers
100% Verified
account payable Correct answer-a liability backed by the general reputation and credit
standing at the debtor.
accounting Correct answer-the information system that measures business activities,
processes that information into report...
Accounting 200 Exam 1; Questions & Answers
100% Verified
account payable Correct answer-a liability backed by the general reputation and credit
standing at the debtor.
accounting Correct answer-the information system that measures business activities,
processes that information into reports and financial statements, and communicates the results
to decision makers.
asset Correct answer-an economic resource that is expected to be of benefit in the
future.
balance sheet Correct answer-list of an entity's assets, liabilities, and owner's equity as of
a specific date. also called the statement of financial position.
board of directors Correct answer-group elected by the stockholders to set policy for a
corporation and to appoint its officers.
capital Correct answer-another name for the owner's equity of a business
cash Correct answer-money and any medium of exchange that a bank accepts at face
value.
common stock Correct answer-the most basic form of capital stock.
continuity (going concern) assumption Correct answer-holds that the entity will remain in
operation for the foreseeable future.
corporation Correct answer-a business owned by stockholders. It is a legal entity, an
"artificial person" in the eyes of the law.
current asset Correct answer-an asset that is expected to be converted to cash, sold, or
consumed during the next 12 months or within the business's normal operating cycle if longer
than a year.
current liability Correct answer-a debt due to be paid within one year or within the
entity's operating cycle if the cycle is longer than a year.
deficit Correct answer-negative balance in retained earnings caused by net losses over a
period of years.
dividends Correct answer-distributions (usually cash) by a corporation to its stockholders.
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 GOLDTUTORS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
