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Accounting Financial Statements questions with actual answers 100% correct.
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  • Accounting 101

Accounting Financial Statements questions with actual answers 100% correct.

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  • August 29, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting financial statements questions with act

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  • Accounting 101
  • Accounting 101

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Accounting Financial Statements
questions with actual answers 100%
correct.

Terms ANS - -Financial statements

-Balance sheet

-Liabilities

-Capital

-Accounting equation

-Merchandise inventory

-Accounts receivable

-Accounts payable

-Income statement

-Cash flow

-Working capital



What Is Accounting? ANS - -Accounting is the language of business

-Includes the analyzing and recording of all transactions

-Transactions are organized into financial statements

-Primary reason to keep records is to know whether or not your company made a profit or a loss



Why Keep Records? ANS - -Identify the source of receipts (income)

-Identify expenses paid or owed to others

-Determine the kinds and values of assets

-Prepare financial statements

-Prepare and support tax returns and other government reports

-Check on the progress of the business

, -Plan the future direction of the business



Who Needs These Records? ANS - Manager

-Make day-to-day decisions

-Review past results

-Plan for the future

Owner

-Decide whether to increase or decrease investment in company

-Decide whether to continue operating



Who Needs These Records? (cont.) ANS - Supplier

-Decide whether to extend credit

-Decide how much credit to extend

Lender

-Decide whether to lend a business money

-Decide on the terms of the loan

Government

-Arrive at fair tax rates

-Detect fraudulent practices



Financial Statements ANS - -Reports that summarize financial data over a period of time

-Most used financial statements are...

_Balance Sheet

_Income Statement



Balance Sheet ANS - -Reports a business's assets, liabilities, and capital on a specific date

-A statement that shows...

_How much money a company has (assets)

_How much money a company owes (liabilities)

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