Accounting 101 Final Exam Questions With 100% Correct Answers Guaranteed Pass.
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Accounting 101
Institución
Accounting 101
Accounting 101 Final Exam Questions With
100% Correct Answers Guaranteed Pass.
What are assets recorded at? - AnswerThe historical/original cost because it is objective and
verifiable.
Left side - AnswerDebit
Right side - AnswerCredit
The 3 forms of business entities - AnswerProprietorship, P...
Accounting 101 Final Exam Questions With
100% Correct Answers Guaranteed Pass.
What are assets recorded at? - Answer✔The historical/original cost because it is objective and
verifiable.
Left side - Answer✔Debit
Right side - Answer✔Credit
The 3 forms of business entities - Answer✔Proprietorship, Partnership, Corperation
What is the definition of a revenue? - Answer✔inflows of resources that increase retained
earnings by delivering goods or service to customers
What is the definition of an expense? - Answer✔resource outflows that decrease retained
earnings due to operations
What is the difference between internal and external users? - Answer✔Financial accounting is
for those externally - that way investors, creditors, government agencies, and the public can
make decisions.
Management accounting is for those internally - information for managers to base their decisions
upon.
What does FASB stand for? - Answer✔Financial
Accounting
Standards
Board
What is FASB responsible for? - Answer✔GAAP (Generally Accepted Accounting Principles)
What is the accounting equation? - Answer✔Assets = Liabilities + Owners Equity
What are the 3 activities a business engages in? - Answer✔Operating -
Investing -
Financing -
What does IFSB stand for? - Answer✔International Accounting Standards Board
Who set the worldwide accounting standards? - Answer✔IASB ( International Accounting
Standards Board)
What is the primary objective of financial accounting? - Answer✔To provide useful information
for decision making.
What makes information relevant? - Answer✔It has to be a material that would make the
decision maker decide for or against an idea.
Financial information should be understandable to whom? - Answer✔Everyone looking to make
financial decisions
What is on the balance sheet? - Answer✔assets, liabilities, and owners equity
What is on the income statement? - Answer✔revenues - expenses = net income
What is net income? - Answer✔Revenues - Expenses
What are source documents? - Answer✔Invoices, checks, time cards, shipping/receiving
documents.
Where does the initial recording of a transaction go? - Answer✔journal
After a journal entry is made, where is the next place an entry is posted? -
Answer✔ledger/general ledger
What is the purpose of a trial balance? - Answer✔To check if total debits equal total credits
What is the difference between accounts receivable and accounts payable? - Answer✔Accounts
receivable is an asset and accounts payable is a liability
When is revenue recognized with respect to accrual accounting? - Answer✔When it is earned
When is revenue recognized with respect to cash basis accounting? - Answer✔When you get the
cash
When are adjusting entries required? - Answer✔At the end of the period
What accounts are closed at the end of the year? - Answer✔Revenue and Expense accounts are
closed to retained earnings
What is a cash equivalent? - Answer✔liquid assets such as time deposits, cert. of deposits, and
high grade government securities
Which asset is most liquid? - Answer✔Cash
Who adjusts?
deposit in transit - Answer✔bank
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