Accounting 180 Exam 1 with question and answer
100%correct
Deferred Revenues - Cash first, Earn later
Accrued Revenues - Earn first, Cash later
Deferred Expenses - Cash First, Use later
Accrued Expenses - Earn first, Cash later
What accounts are on the balance sheet? - Assets, liabilities, and stock holders equity
What accounts are on cash flows? - Operating activities, investing activities, financing
activities
What accounts are on changes in stock holders equity? - Beginning common stock, Ending
common stock, Ending retained earnings
What accounts are on the income statement? - Revenues and expenses
How do you find the net income? - Revenues-Expenses
GAAP - Generally Accepted Accounting Principles
100%correct
Deferred Revenues - Cash first, Earn later
Accrued Revenues - Earn first, Cash later
Deferred Expenses - Cash First, Use later
Accrued Expenses - Earn first, Cash later
What accounts are on the balance sheet? - Assets, liabilities, and stock holders equity
What accounts are on cash flows? - Operating activities, investing activities, financing
activities
What accounts are on changes in stock holders equity? - Beginning common stock, Ending
common stock, Ending retained earnings
What accounts are on the income statement? - Revenues and expenses
How do you find the net income? - Revenues-Expenses
GAAP - Generally Accepted Accounting Principles
