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ACCT 701 Module 1 Exam Questions and Answers
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Accounting Equation - Answer-Assets = Liabilities + Equity Asset - Answer-A present economic resource controlled by the entity as a result of past events. Economic Resource - Answer-a right that has the potential to produce economic benefits Equity - Answer-can be a person, supplier, custo...

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  • August 23, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • acct 701 module 1 exam questions and answers
  • accounting equation answer assets liabilities

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  • FIN701
  • FIN701

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ACCT 701 Module 1 Exam Questions
and Answers
Accounting Equation - Answer-Assets = Liabilities + Equity

Asset - Answer-A present economic resource controlled by the entity as a result of past
events.

Economic Resource - Answer-a right that has the potential to produce economic
benefits

Equity - Answer-can be a person, supplier, customer, etc.

Liabilities - Answer-an obligation of the entity to transfer an economic resource to pay
someone for services (cash)

Equity - Answer-the residual interest in the asset of the entity after deducting all of its
liabilities

Equity - Answer-what are revenues and expenses a part of from the accounting
equation

Asset - Answer-Has a debit balance so an increase will increase its normal balance

Liability - Answer-has a credit balance so a credit will increase it

Equity - Answer-normally has a credit balance but dividends and expenses have a debit
balance because increases in dividends and expenses will decrease this

Planning - Answer-the process of establishing goals and communicating these goals to
the employees of the organization

Operational planning - Answer-short-term planning

Strategic Planning - Answer-long-term planning; 3 years long

Controlling - Answer-the process of evaluating whether the organization's plans are
implemented effectively

Manufacturing Costs (Product Costs) - Answer-Direct materials (DM), Direct labor (DL),
Manufacturing Overhead (MOH)

Direct Materials (DM) - Answer-raw materials used in the production process that are
easily traced to the profuct

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