Accy 200 exam 2 - Study guides, Class notes & Summaries

UIUC accy 200 EXAM 2 QUESTIONS AND ANSWERS (100% Pass)

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ACCY 200 Exam 1 All CQ Questions and Answers 100% Pass What alternative name is used for the balance sheet? Statement of Financial Position. Financial Asset Summary. Financial Change Statement. None of the above. Statement of Financial Position. Explanation: The balance sheet is known as the Statement of Financial Position because it presents a snapshot of an organization's financial situation at a specific point in time. What does the Statement of Cash Flows primarily ill...

ACCY 200 EXAM 1 UIUC QUESTIONS AND ANSWERS ALREADY PASSED What do revenues represent in business operations? A. Financial gains from transactions B. Investments by shareholders C. Operational costs incurred D. None of the above : Financial gains from selling a product What is the significance of Paidin Capital for a business? A. Daily operational funds B. Initial investments by shareholders C. Retained earnings distribution D. None of the above : The amount invested by shareho...

ACCY 200 Exam 1 UIUC Questions and Answers 100% Pass What is the fundamental equation of the balance sheet? Assets equal liabilities plus stockholders' equity, representing the core equation that defines a company's financial position. Which accounting approach facilitates matching revenues and expenses? Accrual accounting accomplishes much of the alignment between revenues earned and expenses incurred during a specific period. How is a fiscal year typically determined? A f...

SB CHP.2 ACCY 200 EXAM 1; Questions & Answers 100% Verified If the total assets is equal to $15,000 and the total liabilities is equal to $9,000, then: Correct answer-the total stockholders' equity is equal to $6,000. Companies are not allowed to switch back and forth between alternative accounting methods from year to year because of the ___________ concept. Correct answer-consistency

SB CHP.2 ACCY 200 EXAM 1 QUESTIONS AND ANSWERS (100% PASS)

SB CHP.2 ACCY 200 EXAM 1 QUESTIONS AND ANSWERS GRADED A+ If total assets amount to $15,000 and total liabilities amount to $9,000, then: A. Stockholders' equity is equal to $6,000 B. Net income is $6,000 C. Liabilities exceed assets by $6,000 D. None of the above Companies are required to maintain the same accounting method consistently due to the ___________ concept. A. Uniformity B. Stability C. Consistency D. Regularity 2 The matching concept ensures that: ...