ACG 2021 Exam 1 WITH CORRECT ACTUAL QUESTIONS
AND CORRECTLY WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+ (2025/2026)
Balance Sheet - CORRECT ANSWER-a financial statement that reports the assets and
claims to those assets at a specific point in time
Basic accounting equation - CORRECT ANSWER-Assets= Liabilities + Equity
Common Stock - CORRECT ANSWER-the total amount paid in by stockholders for the
shares they purchase
Corporation - CORRECT ANSWER-a business organized as a separate legal entity
having ownership divided into transferable shares of stock
Dividends - CORRECT ANSWER-payments of cash from a corporation to its
stockholders
Expenses - CORRECT ANSWER-the cost of assets consumed or services used in the
process of generating revenues
, income statement - CORRECT ANSWER-a financial statement that presents the
revenues and expenses and resulting net income or net loss of a company for a
specific period of time
liabilities - CORRECT ANSWER-the debts and obligations of a business.
Liabilities represent the amounts owed to creditors
net income - CORRECT ANSWER-the amount by which revenues exceed expenses
net loss - CORRECT ANSWER-the amount by which expenses exceed revenues
partnership - CORRECT ANSWER-a business owned by two or more persons
associated as partners
retained earnings - CORRECT ANSWER-the amount of net income retained in the
corporation
retained earnings statement - CORRECT ANSWER-a financial statement that
summarizes the amounts and causes of changes in retained earnings for a specific
period of time
revenue - CORRECT ANSWER-the increase in assets that result from the sale of a
product or service in the normal course of business
AND CORRECTLY WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+ (2025/2026)
Balance Sheet - CORRECT ANSWER-a financial statement that reports the assets and
claims to those assets at a specific point in time
Basic accounting equation - CORRECT ANSWER-Assets= Liabilities + Equity
Common Stock - CORRECT ANSWER-the total amount paid in by stockholders for the
shares they purchase
Corporation - CORRECT ANSWER-a business organized as a separate legal entity
having ownership divided into transferable shares of stock
Dividends - CORRECT ANSWER-payments of cash from a corporation to its
stockholders
Expenses - CORRECT ANSWER-the cost of assets consumed or services used in the
process of generating revenues
, income statement - CORRECT ANSWER-a financial statement that presents the
revenues and expenses and resulting net income or net loss of a company for a
specific period of time
liabilities - CORRECT ANSWER-the debts and obligations of a business.
Liabilities represent the amounts owed to creditors
net income - CORRECT ANSWER-the amount by which revenues exceed expenses
net loss - CORRECT ANSWER-the amount by which expenses exceed revenues
partnership - CORRECT ANSWER-a business owned by two or more persons
associated as partners
retained earnings - CORRECT ANSWER-the amount of net income retained in the
corporation
retained earnings statement - CORRECT ANSWER-a financial statement that
summarizes the amounts and causes of changes in retained earnings for a specific
period of time
revenue - CORRECT ANSWER-the increase in assets that result from the sale of a
product or service in the normal course of business
