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An Introduction to Accounting questions with actual answers.
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An Introduction to Accounting questionswith actual answers.
Accounting ANS - The recording, classifying, summarizing, and interpreting of financial events and
transactions to provide management and other interested parties the information they need to make
good decisions.
Accounting Equation ANS - An equation showing the relationship among assets, liabilities, and owner's
equity.
Accounting Event ANS - An economic occurrence that changes an enterprise's assets , liabilities, or
stockholders' equity.
Accounts ANS - A ledger is a book of.
Annual Report ANS - A yearly statement of the financial condition, progress, and expectations of an
organization.
Asset Exchange Transaction ANS - Reflects changes in the composition of assets; ex. changing cash for
land.
Asset Source Transaction ANS - Transaction that increases an asset and a claim on assets; three types of
asset source transactions are acquisitions from owners (equity), borrowings from creditors (liabilities),
or earnings from operations (revenues).
Assets ANS - Property or items of value owned by a business.
Balance Sheet ANS - A financial statement that summarizes a company's assets, liabilities and
shareholders' equity at a specific point in time.
, Claims ANS - The potential ownership of assets based on outstanding liabilities and equity.
Closing ANS - The act of transfering revenue, expenses and dividends to retained earnings.
Common Stock ANS - Represents ownership in a publicly held company which entitles owners to
dividends (if declared by the company's Board of Directors), voting rights on matters affecting the
company, and in the elections of Boards members.
Creditors ANS - Individuals or organizations entitled to receive payments.
Dividends ANS - Earnings distributed to stockholders
Double-entry bookkeeping ANS - Method of recording financial transactions requiring two offsetting
entries for every transaction to ensure that the accounting equation is always kept in balance.
Earnings ANS - The amount of money that remains after subtracting the company's expenses from its
revenue.
Equity ANS - THe difference between the market value of a property and the claims held against it.
Expenses ANS - The costs of operating a business.
Financial Accounting ANS - Accounting information and analyses prepared for people outside the
organization.
Financial Statements ANS - Financial reports that summarize the financial conditions and operations of a
business.
Financial Activities ANS - Cash inflows and outflows from transactions with creditors and owners.
General Ledger ANS - A ledger that contains all accounts needed to prepare financial statements.
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