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College Accounting questions correctly answered
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College Accounting questions correctly answered

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  • August 29, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • college accounting questions correctly answered

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  • Accounting 101
  • Accounting 101

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College Accounting questions correctly
answered.

Account ANS - A seperate record used to summarize changes in each asset, liability, and owner's equity
of a business



Account title ANS - Provides a description of the particular type of asset, liability, owner's equity,
revenue, or expense.



Accounting equation ANS - Assets = Liabilities + Equity



Accounting period concept ANS - The concept that income determination can be made on a periodic
basis



Accounts payable ANS - sum owed by a business for services or goods received



Accounts receivable ANS - The total amount of money owed to a business.



Asset ANS - An item owned by a business and will provide future benefits



Balance sheet ANS - Financial Statement that lists types and dollar amounts of assets, liabilities, and
equity at a specific date.



Business entity ANS - An individual, association, or organization that engages in economic activities and
controls specific economic resources.



Business entity concept ANS - The concept that nonbusiness assets and liabilities are not included in the
business entity's accounting records

, Business transaction ANS - An economic event that has a direct impact on the business



Capital ANS - another name for owner's equity, the amount by which the business assets exceed the
business liabilities.



Drawing ANS - withdrawls that reduce owner's equity as a result of the owner taking cash or other
assets out of the bussiness for personal use



Expenses ANS - the decrease in assets (or increase in liabilities) as a result of efforts to produce revenue.



Fiscal year ANS - any accounting period of 12 months



Income Statement ANS - a report of revenue, expenses, and net income or loss from operations for a
specific period



Input ANS - Business transactions provide the nessary imput for the accounting information system



Liability ANS - Something owed to another business entity.



Liquidity ANS - measure of how quickly an item can be converted to cash



Net income ANS - the amount by which revenues exceed expenses



Net loss ANS - The amount by which expenses exceed revenues.



Net worth ANS - Another term for owner's equity



Notes payable ANS - a written promise to pay a creditor a certain amount in the future.

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