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Accounting 101 Final || A+ Guaranteed.
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  • Accounting 101
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  • Accounting 101

What are assets recorded at? correct answers The historical/original cost because it is objective and verifiable. Left side correct answers Debit Right side correct answers Credit The 3 forms of business entities correct answers Proprietorship, Partnership, Corperation What is the defin...

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  • August 9, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • what are assets recorded at

Written for

  • Accounting 101
  • Accounting 101

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Accounting 101 Final || A+ Guaranteed.
What are assets recorded at? correct answers The historical/original cost because it is objective
and verifiable.

Left side correct answers Debit

Right side correct answers Credit

The 3 forms of business entities correct answers Proprietorship, Partnership, Corperation

What is the definition of a revenue? correct answers inflows of resources that increase retained
earnings by delivering goods or service to customers

What is the definition of an expense? correct answers resource outflows that decrease retained
earnings due to operations

What is the difference between internal and external users? correct answers Financial accounting
is for those externally - that way investors, creditors, government agencies, and the public can
make decisions.
Management accounting is for those internally - information for managers to base their decisions
upon.

What does FASB stand for? correct answers Financial
Accounting
Standards
Board

What is FASB responsible for? correct answers GAAP (Generally Accepted Accounting
Principles)

What is the accounting equation? correct answers Assets = Liabilities + Owners Equity

What are the 3 activities a business engages in? correct answers Operating -
Investing -
Financing -

What does IFSB stand for? correct answers International Accounting Standards Board

Who set the worldwide accounting standards? correct answers IASB ( International Accounting
Standards Board)

What is the primary objective of financial accounting? correct answers To provide useful
information for decision making.

, What makes information relevant? correct answers It has to be a material that would make the
decision maker decide for or against an idea.

Financial information should be understandable to whom? correct answers Everyone looking to
make financial decisions

What is on the balance sheet? correct answers assets, liabilities, and owners equity

What is on the income statement? correct answers revenues - expenses = net income

What is net income? correct answers Revenues - Expenses

What are source documents? correct answers Invoices, checks, time cards, shipping/receiving
documents.

Where does the initial recording of a transaction go? correct answers journal

After a journal entry is made, where is the next place an entry is posted? correct answers
ledger/general ledger

What is the purpose of a trial balance? correct answers To check if total debits equal total credits

What is the difference between accounts receivable and accounts payable? correct answers
Accounts receivable is an asset and accounts payable is a liability

When is revenue recognized with respect to accrual accounting? correct answers When it is
earned

When is revenue recognized with respect to cash basis accounting? correct answers When you
get the cash

When are adjusting entries required? correct answers At the end of the period

What accounts are closed at the end of the year? correct answers Revenue and Expense accounts
are closed to retained earnings

What is a cash equivalent? correct answers liquid assets such as time deposits, cert. of deposits,
and high grade government securities

Which asset is most liquid? correct answers Cash

Who adjusts?
deposit in transit correct answers bank

Who adjusts?
outstanding checks correct answers bank

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