11/4/24, 6:53 AM 2024 update|Financial Accounting Exam 1|2024-2025 update|COMPLETE MOST TESTED QUESTIONS AND VERIFIED ANS…
2024 update|Financial Accounting Exam 1|2024-
2025 update|COMPLETE MOST TESTED
QUESTIONS AND VERIFIED ANSWERS (100%
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Terms in this set (60)
persons or entities to whom a company owes
creditors
money
amount owed to liabilities
creditors
note payable liability to the bank
debt securities sold to investors that must be repaid
bonds payable
at a particular date some years in the future
the total amount paid in by stockholders for the
common stock
shares they purchase
payments of cash from a corporation to its
dividends
stockholders
assets resources owned by a business
the increase in assets or decrease in liabilities
revenue resulting from the sale of goods or the performance
of services in the normal course of business
supplies assets used in day-to-day operations
assets that are goods available for future sales to
inventory
customers
account receivable the right to receive money in the future
, 11/4/24, 6:53 AM 2024 update|Financial Accounting Exam 1|2024-2025 update|COMPLETE MOST TESTED QUESTIONS AND VERIFIED ANS…
the cost of assets consumed or services used in the
expenses
process of generating revenues
accounts payable the obligation to pay for goods
to show how successfully your business performed
during a period of time, you report its revenues and
income statement
expenses and show net income or loss for a period
of time
to indicate how much previous income was
distributed to you and the owners of your business
retained earnings
in the form of dividends in a specific period of time,
statement
and how much was retained in the business to allow
for future growth
to present a picture at a point in time of what your
balance sheet
business owns (assets) and what it owes (liabilities)
to show where your business obtained cash during a
statement of cash flows
period of time and how that cash was used
presents managements' views on the company's
management discussion ability to pay near-term obligations, its ability to
and analysis fund operations and expansion, and its results of
operations
groups together similar assets and similar liabilities,
classified balance sheet using a number of standard classifications and
sections
assets that a company expects to convert to cash up
or use up within one year or its operating cycle,
current assets whichever is longer
(ex: cash, investments, receivables, inventories,
prepaid expenses) --> order of liquidity
the average time required to go from cash to cash in
operating cycle
producing revenue
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