©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM
Accounting, Financial Accounting Exam 1
Questions With Correct Answers
Debit - answer✔Assets, Expenses, Dividends
Credit - answer✔Liabilities, Owners Equity, Revenues, Acc. Dep
debit is an - answer✔increase
credit is a - answer✔decrease
sole proprietorship - answer✔1 person, easy to start, all profits,
dis: unlimited liability
partnership - answer✔two or more owners
disadvantage: limited partnership
corporation - answer✔limited liability, unlimited life, easier to issue stock and bonds
accounting - answer✔is the information system that identifies, records, and communicates the
economic events of an organization to interested users
operating activities - answer✔main activities for which the organization is in business
, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM
-sales, expenses
investing activities - answer✔obtaining resources or assets needed to operate the business
-equipment, buildings
financing activities - answer✔it takes money to make money
-borrow money, bonds, stocks
3 types of business activities - answer✔operating, investing, financing
Cash - answer✔Asset
Accounts receivable - answer✔asset
supplies - answer✔assets
prepaid rent - answer✔asset
accounts payable - answer✔liab
acc dep-building - answer✔liab
acc dep-equip - answer✔liab
bonds payable - answer✔long term liab
buildings - answer✔assets
12/3/2024 11:27AM
Accounting, Financial Accounting Exam 1
Questions With Correct Answers
Debit - answer✔Assets, Expenses, Dividends
Credit - answer✔Liabilities, Owners Equity, Revenues, Acc. Dep
debit is an - answer✔increase
credit is a - answer✔decrease
sole proprietorship - answer✔1 person, easy to start, all profits,
dis: unlimited liability
partnership - answer✔two or more owners
disadvantage: limited partnership
corporation - answer✔limited liability, unlimited life, easier to issue stock and bonds
accounting - answer✔is the information system that identifies, records, and communicates the
economic events of an organization to interested users
operating activities - answer✔main activities for which the organization is in business
, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM
-sales, expenses
investing activities - answer✔obtaining resources or assets needed to operate the business
-equipment, buildings
financing activities - answer✔it takes money to make money
-borrow money, bonds, stocks
3 types of business activities - answer✔operating, investing, financing
Cash - answer✔Asset
Accounts receivable - answer✔asset
supplies - answer✔assets
prepaid rent - answer✔asset
accounts payable - answer✔liab
acc dep-building - answer✔liab
acc dep-equip - answer✔liab
bonds payable - answer✔long term liab
buildings - answer✔assets
