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Financial Accounting Exam 1 Study Guide.
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Financial Accounting Exam 1 Study Guide. Creditors - answerpersons or entities to whom a company owes money amount owed to creditors - answerliabilities note payable - answerliability to the bank bonds payable - answerdebt securities sold to investors that must be repaid at a particular date s...

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  • November 3, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • financial accounting exam 1 study guide

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  • Financial Accounting
  • Financial Accounting

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©THEBRIGHT EXAM SOLUTIONS
10/30/2024 11:32 PM


Financial Accounting Exam 1 Study Guide.



Creditors - answer✔persons or entities to whom a company owes money

amount owed to creditors - answer✔liabilities

note payable - answer✔liability to the bank

bonds payable - answer✔debt securities sold to investors that must be repaid at a particular date
some years in the future

common stock - answer✔the total amount paid in by stockholders for the shares they purchase

dividends - answer✔payments of cash from a corporation to its stockholders

assets - answer✔resources owned by a business

revenue - answer✔the increase in assets or decrease in liabilities resulting from the sale of goods
or the performance of services in the normal course of business

supplies - answer✔assets used in day-to-day operations

inventory - answer✔assets that are goods available for future sales to customers

account receivable - answer✔the right to receive money in the future

expenses - answer✔the cost of assets consumed or services used in the process of generating
revenues

accounts payable - answer✔the obligation to pay for goods

income statement - answer✔to show how successfully your business performed during a period
of time, you report its revenues and expenses and show net income or loss for a period of time

retained earnings statement - answer✔to indicate how much previous income was distributed to
you and the owners of your business in the form of dividends in a specific period of time, and
how much was retained in the business to allow for future growth

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