Accy 201 Final Ole Miss- Barton || QUESTIONS WITH
COMPLETE SOLUTIONS!!
accounting equation correct answers assets = liabilities + equity
assets correct answers resources a company owns/controls; holds a future
benefit
receivable: used to refer to an asset that promises a future inflow of resources
company provides services/products on credit --> account receivable from
customer
liabilities correct answers what is owed to creditors
reflects a company's obligation to provide assets, products, or services to others
payable: refers to a liability that promises a future outflow of resources
equity correct answers owner's claim on assets; = to assets - liabilities
increases from owner investments and revenues
decreases from dividends and expenses
revenues correct answers increase equity via net income from sales of products
or services to customers
expenses correct answers decrease equity via net income from costs of
providing products and services to customers
measurement (cost) principle correct answers accounting information is based
on actual cost
revenue recognition principle correct answers revenue is recognized when
earned
proceeds from selling products and services needs not be in cash
revenue is measured by the cash received + the cash value of any other items
received
COMPLETE SOLUTIONS!!
accounting equation correct answers assets = liabilities + equity
assets correct answers resources a company owns/controls; holds a future
benefit
receivable: used to refer to an asset that promises a future inflow of resources
company provides services/products on credit --> account receivable from
customer
liabilities correct answers what is owed to creditors
reflects a company's obligation to provide assets, products, or services to others
payable: refers to a liability that promises a future outflow of resources
equity correct answers owner's claim on assets; = to assets - liabilities
increases from owner investments and revenues
decreases from dividends and expenses
revenues correct answers increase equity via net income from sales of products
or services to customers
expenses correct answers decrease equity via net income from costs of
providing products and services to customers
measurement (cost) principle correct answers accounting information is based
on actual cost
revenue recognition principle correct answers revenue is recognized when
earned
proceeds from selling products and services needs not be in cash
revenue is measured by the cash received + the cash value of any other items
received
