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ACCT 2102 UGA, Amanda Farmer, Exam 1 Questions and Answers | Latest Update | 2024/2025 | Already Passed $9.73
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ACCT 2102 UGA, Amanda Farmer, Exam 1 Questions and Answers | Latest Update | 2024/2025 | Already Passed
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ACCT 2102 UGA, Amanda Farmer, Exam 1 Questions and Answers | Latest Update | 2024/2025 | Already Passed What is the primary purpose of financial accounting? To provide financial information about a business to external users for decision-making. What does a balance sheet report? The bal...

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  • September 3, 2024
  • 23
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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ACCT 2102 UGA, Amanda Farmer, Exam
1 Questions and Answers | Latest
Update | 2024/2025 | Already Passed
What is the primary purpose of financial accounting?


✔✔ To provide financial information about a business to external users for decision-making.




What does a balance sheet report?


✔✔ The balance sheet reports a company’s assets, liabilities, and shareholders’ equity at a

specific point in time.




What is the equation for the accounting equation?


✔✔ Assets = Liabilities + Shareholders' Equity




What is an income statement used to show?


✔✔ An income statement shows a company’s revenues and expenses over a period of time,

resulting in net income or loss.




What does a cash flow statement track?


1

,✔✔ The cash flow statement tracks the cash inflows and outflows from operating, investing, and

financing activities.




What are examples of current assets?


✔✔ Cash, accounts receivable, and inventory.




What is the purpose of depreciation in accounting?


✔✔ Depreciation allocates the cost of a long-term asset over its useful life.




What are accounts payable?


✔✔ Accounts payable are amounts a company owes to suppliers for purchases made on credit.




What is the difference between accrual accounting and cash accounting?


✔✔ Accrual accounting records revenues and expenses when they are incurred, while cash

accounting records them when cash is received or paid.




What is retained earnings?




2

, ✔✔ Retained earnings represent the cumulative amount of net income that has been retained in

the company rather than distributed as dividends.




What is the purpose of adjusting entries in accounting?


✔✔ Adjusting entries ensure that all revenues and expenses are recorded in the correct

accounting period.




What are prepaid expenses, and how are they recorded?


✔✔ Prepaid expenses are payments made in advance for goods or services to be received in the

future and are recorded as assets until they are used.




What is the significance of the trial balance?


✔✔ The trial balance ensures that the total of debits equals the total of credits, helping to verify

the accuracy of the ledger.




What is the difference between a debit and a credit in accounting?


✔✔ A debit increases assets and expenses but decreases liabilities and equity, while a credit

increases liabilities and equity but decreases assets and expenses.




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