MBA 700: Module 1 || Acknowledged Answers 100%.
Accounting correct answers set of concepts and techniques that are used to measure and report
financial information about an economic unit
Financial Accounting correct answers external report of information to parties outside the firm
Managerial Accounting correct answers providing information for internal management
Fundamental Accounting Equation correct answers Assets = Liabilities + Owner's Equity
Assets correct answers economic resources of the entity, and include items like cash, accounts
receivable (amounts owed to a firm by its customers), inventories, land, buildings, equipment,
and even intangible assets (patents, legal rights, claims)
Liabilities correct answers amounts owed to others relating to loans, extensions of credit and
other obligations arising
Owners' Equity correct answers the owner's "interest" in the business [net assets]. Common
Stock + Retained Earnings
Sole Proprietorship correct answers A business owned by one person, and its equity would
typically consist of a single owner's capital account
partnership correct answers business owned by more than one person, with its equity consisting
of a separate account for each partner
corporation correct answers ownership interest being represented by divisible units of ownership
called shares of stock
, Revenue correct answers the "top line" amount corresponding to the total benefits generated
from business activity; turnover, inflows and enhancements from delivery of goods and services
Income correct answers the "bottom line" amount that results after deducting the expenses from
review
balance sheet correct answers reveals the assets, liabilities, and equity of a company; prepared as
of a specific date
income statement correct answers summary of an entity's results of operation for a specified
period of time
statement of retained earnings correct answers reduced by dividends paid to shareholders; covers
a period of time
statement of cash flow correct answers reveals how cash is generated and expended during a
specific period of time; consisting of operating, investing, and financing activities
Accounts correct answers records kept for the individual asset, liability, equity, revenue, expense,
and dividend components
What form can every transaction be described in? correct answers debits and credits
D.E.A.D. correct answers Debits increase Expenses, Assets, and Dividends
Liabilities, Revenues, Expenses correct answers debits decrease, credits increase
General Journal correct answers log book containing a chronological listing of a company's
transactions and events; "book of original entry"
Accounting correct answers set of concepts and techniques that are used to measure and report
financial information about an economic unit
Financial Accounting correct answers external report of information to parties outside the firm
Managerial Accounting correct answers providing information for internal management
Fundamental Accounting Equation correct answers Assets = Liabilities + Owner's Equity
Assets correct answers economic resources of the entity, and include items like cash, accounts
receivable (amounts owed to a firm by its customers), inventories, land, buildings, equipment,
and even intangible assets (patents, legal rights, claims)
Liabilities correct answers amounts owed to others relating to loans, extensions of credit and
other obligations arising
Owners' Equity correct answers the owner's "interest" in the business [net assets]. Common
Stock + Retained Earnings
Sole Proprietorship correct answers A business owned by one person, and its equity would
typically consist of a single owner's capital account
partnership correct answers business owned by more than one person, with its equity consisting
of a separate account for each partner
corporation correct answers ownership interest being represented by divisible units of ownership
called shares of stock
, Revenue correct answers the "top line" amount corresponding to the total benefits generated
from business activity; turnover, inflows and enhancements from delivery of goods and services
Income correct answers the "bottom line" amount that results after deducting the expenses from
review
balance sheet correct answers reveals the assets, liabilities, and equity of a company; prepared as
of a specific date
income statement correct answers summary of an entity's results of operation for a specified
period of time
statement of retained earnings correct answers reduced by dividends paid to shareholders; covers
a period of time
statement of cash flow correct answers reveals how cash is generated and expended during a
specific period of time; consisting of operating, investing, and financing activities
Accounts correct answers records kept for the individual asset, liability, equity, revenue, expense,
and dividend components
What form can every transaction be described in? correct answers debits and credits
D.E.A.D. correct answers Debits increase Expenses, Assets, and Dividends
Liabilities, Revenues, Expenses correct answers debits decrease, credits increase
General Journal correct answers log book containing a chronological listing of a company's
transactions and events; "book of original entry"
