Accounting 101 Midterm Review || with Accurate Answers 100%.
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Course
Accounting 101
Institution
Accounting 101
The Accounting Equation correct answers Assets= Liabilities + Stockholders Equity
Assets correct answers Economic resources that are expected to benefit the company's future operations.
Assets include correct answers Monetary items (cash and money owed to the company by customers), nonmonetar...
Accounting 101 Midterm Review || with Accurate Answers
100%.
The Accounting Equation correct answers Assets= Liabilities + Stockholders Equity
Assets correct answers Economic resources that are expected to benefit the company's future
operations.
Assets include correct answers Monetary items (cash and money owed to the company by
customers), nonmonetary items, physical items (inventories, land, buildings, equipment),
nonphysical items (rights granted by patents, trademarks, and copyrights).
Liabilities correct answers business' present obligations to pay cash, transfer assets, or provide
services to other entities in the future.
Liabilities include correct answers amounts owed to suppliers for good and services (accounts
payable), borrowed money (loans), expenses taxes owed to the government, services to be
performed.
Stockholders Equity correct answers represents the claims by the owners of a corporation to the
assets of the business
2 parts of Stockholders Equity correct answers Contributed Capital and Retained Earnings
Dividends correct answers distributions of resources, generally in the form of cash, to
stockholders.
Statement of Retained Earnings correct answers Dividends are listed on which Fin. Statement?
4 financial statements correct answers Income statement, Statement of Retained Earnings,
Balance Sheet, Statement of Cash Flows
Income Statment correct answers summarizes the revenue and expenses by a business incurred
over an accounting period of months or years. It shows if the business is profitable
Statement of Retained Earnings statement correct answers Shows the changes in retained
earnings over an accounting period typically a month.
Balance Sheet correct answers shows the financial position of a business on a certain, usually a
day, could be month or year too.
Statement of Cash Flows correct answers focuses on liquidity, that is, balancing the inflows and
outflows of cash to enable the business to operate and pay its bills when they are due.
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