Accounting 101- Chapters 1-3 Review Exam
Questions With 100% Correct Answers
Guaranteed Pass.
Name the 3 forms of business organization. - Answersole proprietorship, partnership, and
corporation
In what type of business organization are the owners personally liable for the debts of the
busine...
Name the 3 forms of business organization. - Answer✔sole proprietorship, partnership, and
corporation
In what type of business organization are the owners personally liable for the debts of the
business? - Answer✔sole proprietorship and partnership
Name the two types of users or accounting information. - Answer✔internal and external users
What are the three types of business activities? - Answer✔investing, financing, and operating
activities
Issuing stock to investors is an example of what kind of business activity? - Answer✔Financing
activity
What is an asset? - Answer✔something of value that is owned by the company
What is the formula to calculate Net income or Net loss? - Answer✔Total Revenues less Total
Expenses
What are the four basic financial statements? - Answer✔Income Statement, Retained Earnings
Statement, Balance Sheet, and Cash Flow Statement
What is the basic accounting equation? - Answer✔Assets= Liabilities + Stockholders' Equity
What are dividends? - Answer✔A distribution by a corporation to its investors
On our classified balance sheet, assets can be subdivided into more than one category. Name the
categories. - Answer✔Current Assets, Long-term investments, PP&E, or intangible assets
How does one calculate the current ratio? - Answer✔Current Assets divided by Current
Liabilities
How does one calculate earnings per share (EPS)? - Answer✔Net income less preferred
dividends divided by average number of common shares outstanding
What are two measurement principles? - Answer✔Historical cost and fair value principles
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