ACCT 201A Exam 1 with all Correct & 100% Verified Answers |Latest
Version |Already Graded A+
1. Advanced
Re- ceipts Receiving cash from a customer in advance.
2. Three
Business -financing
Activities
-investing
-operating
3. Financing Stocks, Dividends, Liabilities. Obtaining the money to run the business.
4. Investing The purchase of resources a company needs in order to operate. Assets.
5. Operating - Revenue
-Inventory
-Expenses
-Accounts Payable.
6. Forms of
Busi- ness -sole proprietorship
Organiza- tion -partnership
-corporation
7. Adjusting Entries Ensure that the revenue recognition and expense recognition
principles are al- lowed.
8. Types of Adjust-
ing Entries Deferrals: paid but not completed
Prepaid Expenses
Unearned Revenues
Accruals: completed but not paid
Accrued Revenues
Accrued Expenses
9. The left side of an Debit
account is a...
10. Information presented in a clear and concise fashion.
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6
, ACCT 201A Exam 1 with all Correct & 100% Verified Answers |Latest
Version |Already Graded A+
Understandabili- ty
11. Accrual-basis Ac-
counting Transactions that change a company's financial statements are recorded in the
12. Cash-basis Ac- periods in which the events occur, even if cash was not exchanged.
counting
Recording revenue at the time of receiving cash.
13. Accounting The information system that identifies, records and communicate the
economic events of an organization to it interested users.
14. Four
Financial 1. income statement
Statements 2. retained earnings statement
3. balance sheet
4. statement of cash flows
15. Income
State- ment Shows how successfully your business performed during a period of
time.
16. How to set up
an income
state- ment
Revenues - Expenses = Net Income
17. How to set up
a Balance
Sheet
18. How to set up Total Assets (order of liquidity) = Total Liabilities and Stockholders Equity
a Retained (common stock +retained earnings)
Earn- ings
Statement Beg Retained Earnings +/- Net Income - Dividends = End Retained
Earnings
19. Retained
Earn- ings
Statement
Indicates how much of previous income was distributed to you and e
other owners of your business in the form of dividends, and how much
was retained in the business to allow for future growth.
2/
6
Version |Already Graded A+
1. Advanced
Re- ceipts Receiving cash from a customer in advance.
2. Three
Business -financing
Activities
-investing
-operating
3. Financing Stocks, Dividends, Liabilities. Obtaining the money to run the business.
4. Investing The purchase of resources a company needs in order to operate. Assets.
5. Operating - Revenue
-Inventory
-Expenses
-Accounts Payable.
6. Forms of
Busi- ness -sole proprietorship
Organiza- tion -partnership
-corporation
7. Adjusting Entries Ensure that the revenue recognition and expense recognition
principles are al- lowed.
8. Types of Adjust-
ing Entries Deferrals: paid but not completed
Prepaid Expenses
Unearned Revenues
Accruals: completed but not paid
Accrued Revenues
Accrued Expenses
9. The left side of an Debit
account is a...
10. Information presented in a clear and concise fashion.
1/
6
, ACCT 201A Exam 1 with all Correct & 100% Verified Answers |Latest
Version |Already Graded A+
Understandabili- ty
11. Accrual-basis Ac-
counting Transactions that change a company's financial statements are recorded in the
12. Cash-basis Ac- periods in which the events occur, even if cash was not exchanged.
counting
Recording revenue at the time of receiving cash.
13. Accounting The information system that identifies, records and communicate the
economic events of an organization to it interested users.
14. Four
Financial 1. income statement
Statements 2. retained earnings statement
3. balance sheet
4. statement of cash flows
15. Income
State- ment Shows how successfully your business performed during a period of
time.
16. How to set up
an income
state- ment
Revenues - Expenses = Net Income
17. How to set up
a Balance
Sheet
18. How to set up Total Assets (order of liquidity) = Total Liabilities and Stockholders Equity
a Retained (common stock +retained earnings)
Earn- ings
Statement Beg Retained Earnings +/- Net Income - Dividends = End Retained
Earnings
19. Retained
Earn- ings
Statement
Indicates how much of previous income was distributed to you and e
other owners of your business in the form of dividends, and how much
was retained in the business to allow for future growth.
2/
6
