ACC 101- Exam questions and
answers well graded A+
Types of business - ANS✅✅sole proprietorship, partnership, corporation
sole proprietorship - ANS✅✅single owner of a business
partnership - ANS✅✅2 or more owners of a business
corporation - ANS✅✅ownership evidenced by shares of stock
balance sheet - ANS✅✅current financial condition that summarizes the assets, liabilities and
owners' equity at a specific time point
income statement - ANS✅✅how a business performs with in a period of time; summarizes
revenues and expenses
statement of retained earnings - ANS✅✅analysis of retained earnings with in time period;
summarizes the income earned and dividends paid
who uses the financial statements - ANS✅✅creditors, current and potential owners, suppliers,
banks, government agencies, trade associates
assets - ANS✅✅future economic benefits
liabilities - ANS✅✅obligations of a business
expenses - ANS✅✅outflow of assets resulting from the sales of goods and services
revenue - ANS✅✅inflow of assets resulting from the sales of goods and services
current asset - ANS✅✅assets that are assumed to be consumed within one year
answers well graded A+
Types of business - ANS✅✅sole proprietorship, partnership, corporation
sole proprietorship - ANS✅✅single owner of a business
partnership - ANS✅✅2 or more owners of a business
corporation - ANS✅✅ownership evidenced by shares of stock
balance sheet - ANS✅✅current financial condition that summarizes the assets, liabilities and
owners' equity at a specific time point
income statement - ANS✅✅how a business performs with in a period of time; summarizes
revenues and expenses
statement of retained earnings - ANS✅✅analysis of retained earnings with in time period;
summarizes the income earned and dividends paid
who uses the financial statements - ANS✅✅creditors, current and potential owners, suppliers,
banks, government agencies, trade associates
assets - ANS✅✅future economic benefits
liabilities - ANS✅✅obligations of a business
expenses - ANS✅✅outflow of assets resulting from the sales of goods and services
revenue - ANS✅✅inflow of assets resulting from the sales of goods and services
current asset - ANS✅✅assets that are assumed to be consumed within one year
