Accounting 101 Questions With Accurate Solutions
Retained earnings statement - CORRECT ANSWER✅✅✅the financial statement that
summarizes the changes in retained earning for a specific period of time
The company's policy toward dividends and growth could best be determined by examining this
Liabilities - CORRECT ANSWER✅✅✅debt and obligations of a business are referred
Net income results when - CORRECT ANSWER✅✅✅revenues > expenses
Retained earnings at the end of the period is equal to - CORRECT ANSWER✅✅✅retained
earnings at the beginning of the period plus net income minus dividends
Income statement - CORRECT ANSWER✅✅✅presents the revenues and expenses for a
specific period of time
If the retained earnings account increases from the beginning of the year to the end of the year,
then - CORRECT ANSWER✅✅✅net income is greater than dividends
The retained earning statements would not show - CORRECT ANSWER✅✅✅revenues and
expenses
Which financial statement is prepared first - CORRECT ANSWER✅✅✅income statment
Balance sheet shows - CORRECT ANSWER✅✅✅assets, liabilities, and stockholders'
equity
ALOE
assets
liabilities
, owner's equity
Payments to stockholders are called - CORRECT ANSWER✅✅✅dividends
Common stock is reported on the - CORRECT ANSWER✅✅✅balance sheet and retained
earnings statement
Stockholders' equity is comprised of - CORRECT ANSWER✅✅✅common stock and
retained earnings
Where will accounts payable show up? - CORRECT ANSWER✅✅✅current liabs.
Where will revenue show up? - CORRECT ANSWER✅✅✅income or RE statement
Where will inventory show up? - CORRECT ANSWER✅✅✅current assets
Where will land show up? - CORRECT ANSWER✅✅✅non-current assets
Where will common stock show up? - CORRECT ANSWER✅✅✅stockholders' equity
Where will accounts receivable show up? - CORRECT ANSWER✅✅✅current assets
Where will investments in real estate show up? - CORRECT ANSWER✅✅✅non-current
assets
Where will cash show up? - CORRECT ANSWER✅✅✅current assets
Where will taxes payable show up? - CORRECT ANSWER✅✅✅current liabs
Retained earnings statement - CORRECT ANSWER✅✅✅the financial statement that
summarizes the changes in retained earning for a specific period of time
The company's policy toward dividends and growth could best be determined by examining this
Liabilities - CORRECT ANSWER✅✅✅debt and obligations of a business are referred
Net income results when - CORRECT ANSWER✅✅✅revenues > expenses
Retained earnings at the end of the period is equal to - CORRECT ANSWER✅✅✅retained
earnings at the beginning of the period plus net income minus dividends
Income statement - CORRECT ANSWER✅✅✅presents the revenues and expenses for a
specific period of time
If the retained earnings account increases from the beginning of the year to the end of the year,
then - CORRECT ANSWER✅✅✅net income is greater than dividends
The retained earning statements would not show - CORRECT ANSWER✅✅✅revenues and
expenses
Which financial statement is prepared first - CORRECT ANSWER✅✅✅income statment
Balance sheet shows - CORRECT ANSWER✅✅✅assets, liabilities, and stockholders'
equity
ALOE
assets
liabilities
, owner's equity
Payments to stockholders are called - CORRECT ANSWER✅✅✅dividends
Common stock is reported on the - CORRECT ANSWER✅✅✅balance sheet and retained
earnings statement
Stockholders' equity is comprised of - CORRECT ANSWER✅✅✅common stock and
retained earnings
Where will accounts payable show up? - CORRECT ANSWER✅✅✅current liabs.
Where will revenue show up? - CORRECT ANSWER✅✅✅income or RE statement
Where will inventory show up? - CORRECT ANSWER✅✅✅current assets
Where will land show up? - CORRECT ANSWER✅✅✅non-current assets
Where will common stock show up? - CORRECT ANSWER✅✅✅stockholders' equity
Where will accounts receivable show up? - CORRECT ANSWER✅✅✅current assets
Where will investments in real estate show up? - CORRECT ANSWER✅✅✅non-current
assets
Where will cash show up? - CORRECT ANSWER✅✅✅current assets
Where will taxes payable show up? - CORRECT ANSWER✅✅✅current liabs
