ACC 201 Exam Study Guide Questions with 100% Correct Verified Answers
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Course
ACC 201
Institution
ACC 201
Events - Answer an exchange of assets or services for assets, services, or promises to
pay between a firm and an external party
(adjustments for the sue of assets in operations)
Journal - Answer a chronological listing of journal entries
Journal entries - Answer used to express the effects of a...
ACC 201 Exam Study Guide Questions with 100%
Correct Verified Answers
Events - Answer an exchange of assets or services for assets, services, or promises to
pay between a firm and an external party
(adjustments for the sue of assets in operations)
Journal - Answer a chronological listing of journal entries
Journal entries - Answer used to express the effects of a transaction on accounts in a
debit=credit format
Stockholder's Equity - Answer the amount of financing provided by owners of the
business and generated by the operations of the business
Contributed Capital - Answer investment of cash and other assets in the business by the
OWNERS
Retained Earnings - Answer the amount of earnings (profits) reinvested in the business
(and thus not distributed to stockholders in the form of dividends)
Income Statement reports the performance of an economic unit: - Answer OVER a
period of time
(tentative accounts, close @ year ending)
Revenues - Answer inflows/increases of assets (or decrease in liabilities) from ongoing
services
, (recognized in which the period of goods and services are provided; not necessarily
when cash is received)
(received $ --> asset^ --> debit)
Expenses - Answer Outflows/decreases of assets
(outflows of assets/ increase of liabilities; recognized in which the period of goods and
services are used)
(paid $ --> liabilities^ --> credit)
Statement of Stockholder's Equity - Answer Shows increases and decreases in all S.E.
accounts for the period
(reports the way that net income and the distribution of dividends affected the financial
position of the company during the accounting period)
What do changes in contributed capital accounts mean? - Answer sales of stock
What do changes in retained earnings mean? - Answer increases from net income
(decreases from net loss);
dividends declared
What account are dividends
A) Assets
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