Accounting 180 Exam 1 with question and answer 100%correct

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