UCF ACG 2021 Exam 1 Review Questions With Correct Answers

EXAM STUDY MATERIALS July 29, 2024 12:59 PM UCF ACG 2021 Exam 1 Review Questions With Correct Answers Adjusting entries - answer✔✔to record events that have occurred but that have not been recorded, such recording insurance expe nse at the end of the month from a prepaid policy Adjusted trial balance - answer✔✔list of all accounts and their balances after we have updated account balances for adjusting entries. Financial Statements - answer✔✔periodic reports published by the compan y for the purpose of providing information (communicate) to external users. Income statement - answer✔✔financial statement that reports the company's revenues and expenses over an interval of time. Statement of stockholders' equity - answer✔✔financial stat ement that summarizes the changes in stockholders' equity over an interval of time Balance sheet - answer✔✔financial statement that presents the financial position of the company on a particular date. Operating Cash Flow - answer✔✔include cash receipts and cash payments for transactions involving revenue and expense activities during the period. Investing Cash Flow - answer✔✔generally include cash transactions for the purchase and sale of investments and long -term assets. Financing Cash Flow - answer✔✔inclu de cash transactions with lenders, such as borrowing money and repaying debt, and with stockholders, such as issuing stock and paying dividends. Statement of Cash Flows - answer✔✔financial statement that measures activities involving cash receipts and cash payments over an interval of time. Closing entries - answer✔✔entries that transfer balances of all temporary accounts (revenues, expenses, and dividends) to the balance of the retained earnings account. Temporary accounts - answer✔✔revenues, expenses, and dividends are closed out at the end of each accounting period and transferred to Retained Earnings so that the new period begins with a zero (0) balance for these accounts.