9/16/25, 5:06 AM Accy 201 Burney Final
Accy 201 Burney Final Exam 2025-2026 \newest
version with all updated questions and accurate
detailed answers \verified 100%
Terms in this set (89)
information system that provides reports to users about
accounting
the economic activities and condition of a business
internal users auditors, CFO, VPs, customers, employees
external users bankers, investors, government, SEC
sole proprietorship one person; separates business and home
partnership 2 or more owners; one has to have liability
corporation owned under state or federal statues; separate legal, taxable
entity
Limited Liability Company combines the attributes of a partnership and a corporation
Assumptions of Accounting monetary unit, time period, business entity, going concern
measurement, historical cost, revenue recognition,
principles of accounting
expense recognition, full disclosure
accounting equation Assets = Liabilities + Owner's Equity
asset Anything of value that is owned
liability An amount owed by a business
Owner's Equity the owner's claims to the assets of the business
company
name
income
How to set up an income
statement statement
FYE date
Revenue
<expenses>
(listed) NET
INCOME
/ 1/1
2
, 9/16/25, 5:06 AM Accy 201 Burney Final
company name
statement of
retained earnings
how to set up a statement of
FYE date
retained earnings
Beginning of
retained earnings
net income
<dividends>
ENDING RETAINED EARNINGS
company
name
balance
sheet As
of date
Assets
Current
assets PPE
Intangibles
How to set up a balance sheet Total Assets (these equal)
Liabilities
Short-term
liabilities
Long-term
liabilities
Total
Owner's
Equity
Common
Stock
Retained
earnings
total
Total of Liability and OE (these equal)
General Ledger A ledger that contains all accounts needed to prepare financial
statements
An accounting device used to analyze transactions;
T account
debits on the left, credits on the right
What increases owner's revenue, common stock
equity?
/ 2/1
2
Accy 201 Burney Final Exam 2025-2026 \newest
version with all updated questions and accurate
detailed answers \verified 100%
Terms in this set (89)
information system that provides reports to users about
accounting
the economic activities and condition of a business
internal users auditors, CFO, VPs, customers, employees
external users bankers, investors, government, SEC
sole proprietorship one person; separates business and home
partnership 2 or more owners; one has to have liability
corporation owned under state or federal statues; separate legal, taxable
entity
Limited Liability Company combines the attributes of a partnership and a corporation
Assumptions of Accounting monetary unit, time period, business entity, going concern
measurement, historical cost, revenue recognition,
principles of accounting
expense recognition, full disclosure
accounting equation Assets = Liabilities + Owner's Equity
asset Anything of value that is owned
liability An amount owed by a business
Owner's Equity the owner's claims to the assets of the business
company
name
income
How to set up an income
statement statement
FYE date
Revenue
<expenses>
(listed) NET
INCOME
/ 1/1
2
, 9/16/25, 5:06 AM Accy 201 Burney Final
company name
statement of
retained earnings
how to set up a statement of
FYE date
retained earnings
Beginning of
retained earnings
net income
<dividends>
ENDING RETAINED EARNINGS
company
name
balance
sheet As
of date
Assets
Current
assets PPE
Intangibles
How to set up a balance sheet Total Assets (these equal)
Liabilities
Short-term
liabilities
Long-term
liabilities
Total
Owner's
Equity
Common
Stock
Retained
earnings
total
Total of Liability and OE (these equal)
General Ledger A ledger that contains all accounts needed to prepare financial
statements
An accounting device used to analyze transactions;
T account
debits on the left, credits on the right
What increases owner's revenue, common stock
equity?
/ 2/1
2
