100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
ACC 100 EXAM QUESTIONS AND CORRECT ANSWERS LATEST UPDATE GRADED A+ $7.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. ACC 100
  4.  
  5. ACC 100

Exam (elaborations)

ACC 100 EXAM QUESTIONS AND CORRECT ANSWERS LATEST UPDATE GRADED A+
 3 views  0 purchase
  • Course
  • ACC 100
  • Institution
  • ACC 100

ACC 100 EXAM QUESTIONS AND CORRECT ANSWERS LATEST UPDATE GRADED A+ What is a sole proprietorship? - Answers Single owner What is a partnership? - Answers Two or more owners What is a corporation? - Answers Many owners, can issue shares/bonds What are non-business entities purpose? - Answers Oth...

[Show more]

Preview 2 out of 7  pages

Document information

  • November 12, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • acc 100 exam questions and correct answers latest

Written for

  • ACC 100
  • ACC 100

Seller

avatar-seller
TutorJosh

Reviews received

Content preview

ACC 100 EXAM QUESTIONS AND CORRECT ANSWERS LATEST UPDATE GRADED A+

What is a sole proprietorship? - Answers Single owner

What is a partnership? - Answers Two or more owners

What is a corporation? - Answers Many owners, can issue shares/bonds

What are non-business entities purpose? - Answers Other than generating income

What are financing activities? - Answers Ways a company gets their money

What is a creditor? - Answers Someone the company owes money to

What are investing activities? - Answers Doing something with future economic benefit

What are operating activities? - Answers Day-to-day costs

If something comes into the company as an investing activity it goes out as a? - Answers Investing
activity

Who are the users of accounting info? (2) - Answers Internal and External users

What is an external user? - Answers Shareholders, creditors

What is an internal user? - Answers Managers

What is the economic entity concept? - Answers Personal accounts separate from company accounts

What is the cost principle? - Answers Record assets for what you paid for them

What is the going concern? - Answers Assumption an entity is not in liquidation

What are the 5 qualitative characteristics? - Answers Comparability, Relevance, Understandability,
Comparability, Reliability

What is comparability? (qualitative characteristics) - Answers Able to compare two companies

What is relevance? (qualitative characteristics) - Answers Is the info relevant and up to date

What is understandability? (qualitative characteristics) - Answers Is the info understandable to someone
needing the info

What is consistency? (qualitative characteristics) - Answers Compare financial periods in one company

What is reliability? (qualitative characteristics) - Answers Info is verifiable, neutral, and represented
faithfully

, What is the primary objective of financial reporting? - Answers Give info to users to make informed
decisions

What is the supporting objective 1 of financial reporting? - Answers To provide info to potential
investors

What is the supporting objective 2 of financial reporting? - Answers Reflect managements handling of
assets

Where does prepaid rent go on the balance sheet? - Answers Assets

What are the three categories under assets? - Answers Current, Investments, Intangibles

What are the two types of liabilities? - Answers Current, Long-term

Where does retained earning go on the balance sheet? - Answers Shareholders Equity

Where does income tax go on the income statement? - Answers After the total net income is generated

What is working capital? - Answers Shows how many assets the company currently has claims to

What is the working capital formula? - Answers Current assets - current liabilities

What is current ratio? - Answers Used to compare the liquidity of companies

What is the current ratio formula? - Answers Current assets / current liabilities

What is the cash flow statement? - Answers Summary of the companies operating, investing, and
financing activities in a period of time

What is an external event? - Answers Interaction between an entity and its environment

What is an internal event? - Answers Event incurring within an entity

What is an external transaction? - Answers Exchange of assets with external parties

What is an internal transaction? - Answers Transaction within the organization

Transactional entry (TE) = ? - Answers External Transaction (ET)

Adjusting entry (AE) = ? - Answers Internal Transaction (IE)

External Transaction (ET) = ? - Answers Transactional entry (TE)

Internal Transaction (IE) = ? - Answers Adjusting entry (AE)

Under the accrual system, when do we recognize revenue? - Answers When you provide a service or
deliver a good

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller TutorJosh. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $7.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75759 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$7.99
  • (0)
  Add to cart