Examen
Accounting chapter 1 questions with actual answers.
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- Institución
Accounting chapter 1 questions with actual answers.
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Accounting chapter 1 questions withactual answers.
accounting equation ANS - A equation that presents the resources of a company and the claims to
those resources.
ie. assets = liabilities+stockholders' equity
assets= liabilities+paid in capital+retained earnings
assets ANS - economic resources that are expected to produce a benefit in the future
- assets = liabilities + stockholders' Equity
-Assets = Liabilities + Paid-in Capital + Retained Earnings
1. Cash
2. Accounts Receivable
3. Notes Receivable
4. Inventory
5. Prepaid expenses
6. land
7. buildings
8. Equipment, furniture and fixtures
liabilities (outsiders' claims) ANS - Debts payable to outsiders(creditors).
*a creditor who has loaned money has a legal claim to that company's earnings until it is paid back.
1. Accounts Payable
2. Notes Payable
3. Accrued Liabilities
4. Interest Payable
5. Salary payable
6.Income tax payable
, stockholders' (owners') equity(capital, stockowners equity) ANS - Represents the insiders' claims to a
business
- owners' equity = assets minus liabilities
1. Common stock
2. Retained earnings
3. dividends
4. revenues
5. expenses
stockholders' equity increases when:
-The corporation sales stock
-increase net income
stockholders' equity decreases when:
- corporation distributes dividends
-experiences net loss
equity ANS - equity means ownership
ex. home equity: how much of your home do you own
long term debt ANS - a liability that's payable beyond one year from the date of financial statements
current portion ANS - the amount of a long term debt that is due the upcoming year
*must be disclosed separately
financial accounting ANS - provides information for decision makers outside the entity.
-information must be relevant for the needs of decision makers and must faithfully give an accurate
picture of the entity's financial activities.
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