Accounting 101 Exam CH 1-4 2025 Actual exam
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Terms in this set (62)
Accounting Equation Assets= Liabilities + stockholder's equity
Assets Resources owned by company
Liabilities Rights of the creditors or amounts owed to creditors
Equity Rights of the owner
Assets, Expenses, Dividends = Normal debit balance
AED
and increase on the debit side
, Liabilities, Equity, Revenue = Normal credit balances
LER
and increase on the credit side
Accounts receivable, Cash, Supplies, Inventory,
Assets examples
Prepaids
Accounts payable, Wages Payable, Salaries Payable,
Liabilities examples
Unearned Revenue, Unearned rent,
Retained earnings
Equity Examples
Capital/Common stock
Revenue Examples Rent Revenue, Sales, Fees earned
Wages Expense, Salaries Expense, Supplies Expense,
Expenses Examples
Utilities Expense, Misc. Expense
Balance Sheet Assets, Liabilities and Equity
Income statement Revenue and expenses
Revenue and expenses closed to income summary,
Rotten Eggs IS Income summary and dividends closed to retained
Disgusting.... REally earnings
*** Balance sheet accounts are NOT closed
Journal> Legder> Trial balance (unadjusted) > journal >
Legder > Trial balance (Adjusted) > Financial
Accounting Cycle
statements > Journal > Ledger >Post-closing trial
balance
Omitting expenses- Net income overstated
Omitting adjusting entries
Omitting revenues- Net income understated
Prepaids
Accrued Expenses
5 Types of Adjusting
Accrued Revenues
Entries
Unearned Fees
Depreciation
(Testing Real Exam Questions)and verified
Answers ( 100% accurate) GET IT RIGHT!!
Save
Practice questions for this set
Learn 1 /7 Study with Learn
Terms in this set (62)
Accounting Equation Assets= Liabilities + stockholder's equity
Assets Resources owned by company
Liabilities Rights of the creditors or amounts owed to creditors
Equity Rights of the owner
Assets, Expenses, Dividends = Normal debit balance
AED
and increase on the debit side
, Liabilities, Equity, Revenue = Normal credit balances
LER
and increase on the credit side
Accounts receivable, Cash, Supplies, Inventory,
Assets examples
Prepaids
Accounts payable, Wages Payable, Salaries Payable,
Liabilities examples
Unearned Revenue, Unearned rent,
Retained earnings
Equity Examples
Capital/Common stock
Revenue Examples Rent Revenue, Sales, Fees earned
Wages Expense, Salaries Expense, Supplies Expense,
Expenses Examples
Utilities Expense, Misc. Expense
Balance Sheet Assets, Liabilities and Equity
Income statement Revenue and expenses
Revenue and expenses closed to income summary,
Rotten Eggs IS Income summary and dividends closed to retained
Disgusting.... REally earnings
*** Balance sheet accounts are NOT closed
Journal> Legder> Trial balance (unadjusted) > journal >
Legder > Trial balance (Adjusted) > Financial
Accounting Cycle
statements > Journal > Ledger >Post-closing trial
balance
Omitting expenses- Net income overstated
Omitting adjusting entries
Omitting revenues- Net income understated
Prepaids
Accrued Expenses
5 Types of Adjusting
Accrued Revenues
Entries
Unearned Fees
Depreciation
