D196 Principles of Financial and Managerial Accounting Unit 3 Exam-Focused Practice Questions and Study Guide (2025–2026)

D196 PrinciplesD196- Principles
of Financial o f Financial
and Managerial and Managerial
Accounting (Unit 3) Acco
Studyunting
Guide (Unit 3)
Study this set o nline at: https://www.cram.co m/flashcards/d196-principles-o f-
financial-and-managerial-acco unting-unit-3-13410748




What are the 3 pri mary f i nanci al statements? Bal ance sheet, i ncome statement, and statement of cash f l ows




Resources owned or control l ed by a company that wi l l provi de probabl e f uture
benef i t.


What are assets? E X: Appl e- Cash
Mastercard - Accounts (Loans) Recei vabl e
Wal -Mart- I nventory and bui l di ngs
D el ta- Ai rpl anes




What are l i abi l i ti es? What we owe




What i s the accounti ng equati on? Asset = l i abi l i ti es + owner's equi ty

, D196 PrinciplesD196- Principles
of Financial o f Financial
and Managerial and Managerial
Accounting (Unit 3) Acco
Studyunting
Guide (Unit 3)
Study this set o nline at: https://www.cram.co m/flashcards/d196-principles-o f-
financial-and-managerial-acco unting-unit-3-13410748




What must the bal ance sheet al ways do? T he bal ance sheet al ways bal ances.




What does a bal ance sheet show? Resources and cl ai ms on those resources at a speci f i c poi nt i n ti me.




One measure of a company's perf ormance. Measures a company's economi c
What does an i ncome statement show?
perf ormance f or a speci f i c peri od of ti me.




What are revenues? I ncreases i n a company's net assets as a resul t of what the company does