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Accounting 1A questions with correct answers.
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Accounting 1A questions with correct answers.
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Accounting 1A questions with correctanswers.
account form ANS - The form of balance sheet that resembles the basic format of the accounting
equation, with assets on the left side and Liabilities and Owner's Equity sections on the right side.
account payable ANS - the liability created by a purchase on account
account receivable ANS - A claim against the customer created by selling merchandise or services on
credit.
accounting ANS - An information system that provides reports to stakeholders about the economic
activities and condition of a business.
accounting equation ANS - Assets = Liabilities + Owner's Equity.
assets ANS - The resources owned by a business.
balance sheet ANS - A list of the assets, liabilities, and owner's equity as of a specific date, usually at the
close of the last day of a month or a year.
business ANS - An organization in which basic resources (inputs), such as materials and labor, are
assembled and processed to provide goods or services (outputs) to customers.
business entity concept ANS - A concept of accounting that limits the economic data in the accounting
system to data related directly to the activities of the business.
business transaction ANS - An economic event or condition that directly changes an entity's financial
condition or directly affects its results of operations.
, Certified Public Accountant (CPA) ANS - Public accountants who have met a state's education,
experience, and examination requirements.
corporation ANS - A business organized under state or federal statutes as a separate legal entity.
cost concept ANS - A concept of accounting that determines the amount initially entered into the
accounting records for purchases.
earnings ANS - Used to describe when revenues exceed expenses. (Also see net income and net profits)
ethics ANS - Moral principles that guide the conduct of individuals.
expenses ANS - Assets used up or services consumed in the process of generating revenues.
fees earned ANS - Revenue from providing services.
financial accounting ANS - The branch of accounting that is concerned with recording transactions using
generally accepted accounting principles (GAAP) for a business or other economic unit and with a
periodic preparation of various statements from such records.
Financial Accounting Standards Board (FASB) ANS - The authoritative body that has the primary
responsibility for developing accounting principles.
financial statements ANS - Financial reports that summarize the effects of events on a business.
general-purpose financial statements ANS - A type of financial accounting report that is distributed to
external users. The term "******* *******" refers to the wide range of decision-making needs that the
reports are designed to serve.
generally accepted accounting principles (GAAP) ANS - Generally accepted guidelines for the
preparation of financial statements.
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