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Accounting Final Exam Reviewed questions with actual answers.
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  • Accounting 101

Accounting Final Exam Reviewed questions with actual answers.

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

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  • accounting final exam reviewed questions with actu

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  • Accounting 101
  • Accounting 101

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Accounting Final Exam Reviewed
questions with actual answers.

accounting ANS - planning,recording,analyzing, and interpreting financial information.



accounting equation ANS - an equation showing the relationship among assets, liabilities, and owner's
equity.



accounts payable ledger ANS - a subsidiary ledger containing only account for vendors from whom
merchandise or other items are purchase on account



accumulated depreciation ANS - the total amount of depreciation expense that has been recorded
since the purchase of a plant asset.



Adjusting entries ANS - journal entries recorded to update general ledger accounts at the end of a fiscal
period



asset ANS - anything of value that is owned.



Balance Sheet ANS - a financial statement that reports assets, liabilities, and owner's equity on a
specific date.



Bank Statement ANS - A report of deposits, withdrawals, and bank balances sent to a depositor by bank



board of directors ANS - a group of persons elected by the stockholders to manage a corporation



business ethics ANS - the use of ethics in making business decisions.



Capital stock ANS - total shares of ownership in a corporation.

, cash payments journal- ANS - a special journal used to record only cash (check) payment transactions



chart of accounts ANS - a list of accounts used by businesses



Check ANS - A business form ordering a bank to pay cash from a bank account



Corporation ANS - an organization with the legal rightsof a person and which many persons may own



Credit ANS - An amount recorded on the right side



Credit Card Sale ANS - A sale in which a credit card used for the total amount of the sale at the time of
the transaction.



Current Liabilities ANS - Liabilities due within a short time, usually within a year



Currents Assets ANS - cash and other assets expected to be exchanged for cash or consumed within a
year



Customer ANS - A person/business to whom merchandise/services are sold.



Debit ANS - An amount recorded on the left side



declaring a dividend ANS - action by a board of directors to distribute corporate earnings to
stockholders



depreciation expense ANS - the portion of a plant asset's cost that is transferred to an expense
accounts in each fiscal period during a plant assets useful life.



dividends ANS - earnings distributed to stockholders

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