ACCT 2101 Quiz 1 questions with
verified answers
Five Basic Financial Statements - CORRECT ANSWER ✔✔Income Statement, Balance Sheet,
Statement of Stockholders' Equity, Statement of Cash Flows, and Statement of Comprehensive
Income
Alternative Names for Income Statement - CORRECT ANSWER ✔✔Statement of Earnings,
Statement of Operations, Statement of Profit & Loss
Organizations that write Accounting Rules - CORRECT ANSWER ✔✔IASB, FASB, SEC
SEC, what it stands for and purpose - CORRECT ANSWER ✔✔Stands for Securities and Exchange
Commission.
Responsible for the regulation of all publicly-traded companies in the United States.
Difference between Private and Public Company - CORRECT ANSWER ✔✔Private Company:
Does not sell shares of stock to outside parties
Public Company: Does sell shares of stock to outside parties through organized stock exchanges
Balance Sheet: Alternative Name and what it balances - CORRECT ANSWER ✔✔Alternative
name is Statement of Financial Position
Balances through the Accounting Equation which is:
Assets = Liabilities + Stockholders' Equity
Proxy Statement: What it is and 2 disclosures - CORRECT ANSWER ✔✔Document where the
company solicits votes (proxies) from the shareholders.
verified answers
Five Basic Financial Statements - CORRECT ANSWER ✔✔Income Statement, Balance Sheet,
Statement of Stockholders' Equity, Statement of Cash Flows, and Statement of Comprehensive
Income
Alternative Names for Income Statement - CORRECT ANSWER ✔✔Statement of Earnings,
Statement of Operations, Statement of Profit & Loss
Organizations that write Accounting Rules - CORRECT ANSWER ✔✔IASB, FASB, SEC
SEC, what it stands for and purpose - CORRECT ANSWER ✔✔Stands for Securities and Exchange
Commission.
Responsible for the regulation of all publicly-traded companies in the United States.
Difference between Private and Public Company - CORRECT ANSWER ✔✔Private Company:
Does not sell shares of stock to outside parties
Public Company: Does sell shares of stock to outside parties through organized stock exchanges
Balance Sheet: Alternative Name and what it balances - CORRECT ANSWER ✔✔Alternative
name is Statement of Financial Position
Balances through the Accounting Equation which is:
Assets = Liabilities + Stockholders' Equity
Proxy Statement: What it is and 2 disclosures - CORRECT ANSWER ✔✔Document where the
company solicits votes (proxies) from the shareholders.
