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Accounting 11 questions with accurate answers.
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Accounting 11 questions with accurate answers.
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Accounting 11 questions with accurateanswers.
Revenue Principle ANS - If cash is received before company delivers goods/services- unearned revenue
Accounts Receivable ANS - If cash is received after the company delivers goods/services ex) interest
receivable, rent receivable, royalties recievable. Asset account
Expense Matching Principle ANS - costs incurred to generate revenues be recognized in the same
period-- match all costs with their benefits
prepaid expense ANS - if cash is paid before the company received goods/services, an asset account
accounts payable ANS - liability account. If cash is paid after the company receives goods or services
Corporation ANS - incorporated under state law, limited liability-leaders of company are not legally
liable, audited
The Accounting System ANS - A=L+SE. A system that collects and processes financial information about a
business entity and reports that information to decision makers. Both financial and managerial
accounting
balance sheet ANS - reports the amount of assets, liabilities, and stockholder's equity of an accounting
entity at a point in time
Examples of expenses ANS - costs of goods sold, wages expense, rent expense, interest expense,
depreciation expense, advertising expense, insurance expense, repair expense, income tax expense
income statement ANS - revenue-expenses=net income
, GAAP ANS - generally accepted accounting principles. SEC and FASB set the rules for how to prepare a
financial statement and monitor how to accurately report financial period. Looked at for financial
disclosure for stock to be sold publically
Net income ANS - revenue-expenses
Examples of SE accounts ANS - contributed capital
retained earnings
Examples of revenue accounts ANS - sales revenue
fee revenue
interest revenue
rent revenue
service revenue
Examples of expense accounts ANS - cost of goods sold
wages expense
rent expense
interest expense
depreciation expense
advertising expense
insurance expense
repair expense
income tax expense
current assets ANS - Assets that are to be used and turned into cash within 1 year
Noncurrent assets ANS - Assets that will be used up longer than 1 year
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