ACG 2021 Exam 1(FSU Exam 1); Questions &
Answers 100% Pass
Balance Sheet CORRECT ANSWER-a financial statement that reports the assets and
claims to those assets at a specific point in time
Basic accounting equation CORRECT ANSWER-Assets= Liabilities + Equity
Common Stock CORRECT ANSWER-the t...
ACG 2021 Exam 1(FSU Exam 1); Questions &
Answers 100% Pass
Balance Sheet CORRECT ANSWER-a financial statement that reports the assets and
claims to those assets at a specific point in time
Common Stock CORRECT ANSWER-the total amount paid in by stockholders for the
shares they purchase
Corporation CORRECT ANSWER-a business organized as a separate legal entity having
ownership divided into transferable shares of stock
Dividends CORRECT ANSWER-payments of cash from a corporation to its stockholders
Expenses CORRECT ANSWER-the cost of assets consumed or services used in the process
of generating revenues
income statement CORRECT ANSWER-a financial statement that presents the revenues
and expenses and resulting net income or net loss of a company for a specific period of time
liabilities CORRECT ANSWER-the debts and obligations of a business.
Liabilities represent the amounts owed to creditors
, ACG 2021 Exam 1(FSU Exam 1); Questions &
Answers 100% Pass
net income CORRECT ANSWER-the amount by which revenues exceed expenses
net loss CORRECT ANSWER-the amount by which expenses exceed revenues
partnership CORRECT ANSWER-a business owned by two or more persons associated as
partners
retained earnings CORRECT ANSWER-the amount of net income retained in the
corporation
retained earnings statement CORRECT ANSWER-a financial statement that summarizes
the amounts and causes of changes in retained earnings for a specific period of time
revenue CORRECT ANSWER-the increase in assets that result from the sale of a product
or service in the normal course of business
sole proprietorship CORRECT ANSWER-a business owned by one person
statement of cash flows CORRECT ANSWER-a financial statement that provides financial
information about the cash receipts and cash payments of a business for a specific period of
time
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