ACCT 201 Final Exam| Questions and Answers Latest Updated (Graded A+), Exams of Accounting

ACCT 201 FINAL EXAM| QUESTIONS AND ANSWERS LATEST
03/24/2024
UPDATED (GRADED A+), EXAMS OF ACCOUNTING




ACCT 201 Final Exam| Questions and Answers Latest
Updated (Graded A+), Exams of Accounting


Balance sheet

Assets

Liabilities

Equity




Income statement

Revenue

Expense

Gains/losses

Gross profit

Net income/loss




Statement of retained earning

Beginning capital

Contributed capital

Ending capital




Statement of cash flow

Listing of cash inflows/outflows
3/24/2024




Operating

Investing

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, ACCT 201 FINAL EXAM| QUESTIONS AND ANSWERS LATEST
03/24/2024
UPDATED (GRADED A+), EXAMS OF ACCOUNTING



Financing




Steps in accounting cycle

Identity

Journalize

Communicate




Cost principle

Record at cost




Revenue recognition

Revenue recognized when earned




Matching principle

Expenses and related revenue recorded in the same period




Adjusting entries

Depreciation

Accruals interest/revenue

Prepaid
3/24/2024




Lifo

2