CSUF ACCT 201A EXAM SCRIPT 2026 FULL
QUESTIONS AND ACCURATE ANSWERS
GRADED A+
●● What is the definition of dividends in accounting?.
Answer: Dividends are distributions of a portion of a company's
earnings to its shareholders.
●● What are the characteristics of the four financial statements?.
Answer: The four financial statements include the balance sheet, income
statement, statement of cash flows, and statement of changes in equity,
each serving different reporting purposes.
●● What are generally accepted accounting principles (GAAP)?.
Answer: GAAP are a set of rules and standards used in financial
accounting to ensure consistency and transparency in financial reporting.
●● What roles do the FASB, SEC, and AICPA play in accounting?.
Answer: The FASB establishes accounting standards, the SEC regulates
the securities industry, and the AICPA represents accountants and sets
ethical standards.
●● What is the purpose of adjusting entries in accounting?.
QUESTIONS AND ACCURATE ANSWERS
GRADED A+
●● What is the definition of dividends in accounting?.
Answer: Dividends are distributions of a portion of a company's
earnings to its shareholders.
●● What are the characteristics of the four financial statements?.
Answer: The four financial statements include the balance sheet, income
statement, statement of cash flows, and statement of changes in equity,
each serving different reporting purposes.
●● What are generally accepted accounting principles (GAAP)?.
Answer: GAAP are a set of rules and standards used in financial
accounting to ensure consistency and transparency in financial reporting.
●● What roles do the FASB, SEC, and AICPA play in accounting?.
Answer: The FASB establishes accounting standards, the SEC regulates
the securities industry, and the AICPA represents accountants and sets
ethical standards.
●● What is the purpose of adjusting entries in accounting?.
