ACCT 201A Exam 1 comprehensive
Questions and Answers with Verified
Solutions
Question 1:
Advanced Receipts
Answer:
Receiving cash from a customer in advance.
Question 2:
Three Business Activities
Answer:
- financing - investing - operating
Question 3:
Financing
Answer:
Stocks, Dividends, Liabilities. Obtaining the money to run the business.
Question 4:
Investing
Answer:
The purchase of resources a company needs in order to operate. Assets.
, Question 5:
Operating
Answer:
- Revenue - Inventory - Expenses - Accounts Payable.
Question 6:
Forms of Business Organization
Answer:
- sole proprietorship - partnership - corporation
Question 7:
Adjusting Entries Ensure that the revenue recognition and expense
recognition principles are al-
Answer:
lowed.
Question 8:
Types of Adjusting Entries
Answer:
Deferrals: paid but not completed Prepaid Expenses Unearned Revenues
Accruals: completed but not paid Accrued Revenues Accrued Expenses
Question 9:
The left side of an account is a...
Answer:
Debit
Questions and Answers with Verified
Solutions
Question 1:
Advanced Receipts
Answer:
Receiving cash from a customer in advance.
Question 2:
Three Business Activities
Answer:
- financing - investing - operating
Question 3:
Financing
Answer:
Stocks, Dividends, Liabilities. Obtaining the money to run the business.
Question 4:
Investing
Answer:
The purchase of resources a company needs in order to operate. Assets.
, Question 5:
Operating
Answer:
- Revenue - Inventory - Expenses - Accounts Payable.
Question 6:
Forms of Business Organization
Answer:
- sole proprietorship - partnership - corporation
Question 7:
Adjusting Entries Ensure that the revenue recognition and expense
recognition principles are al-
Answer:
lowed.
Question 8:
Types of Adjusting Entries
Answer:
Deferrals: paid but not completed Prepaid Expenses Unearned Revenues
Accruals: completed but not paid Accrued Revenues Accrued Expenses
Question 9:
The left side of an account is a...
Answer:
Debit
