ACCT 200 Exam 1: University of Arizona (Stussie) Questions and Correct Answers/ Latest Update / Already Graded

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ACCT 200 Exam 1: University of Arizona (Stussie) Questions and Correct Answers/ Latest Update / Already Graded

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2025/2026

Institution ACCT 200 : University Of Arizona

Course ACCT 200 : University of Arizona

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Three Types of Businesses Ans: sole proprietorship, partnership, corporation Sole Proprietorship Ans: business owned by one person Partnership Ans: business owned by two or more people associated as partners Corporation Ans: separate legal entity for which evidence of ownership is provided by shares of stock Types of Financial Statements Ans: income statement, statement of retained earnings, balance sheet, statement of cash flows Page | 2 Beg RE + Net Income - Dividends = End RE Ans: Equation for Ending Retained Earnings 4000 Ans: If A = 6,000, SE = 2,000, L = ? 3000 Ans: If L ↑ 4,000, SE ↓ 1,000, then A? Financial Accounting Standards Board (US standard-setting body) Ans: What does FASB stand for? Generally Accepted Accounting Principles (US rules for financial reporting) Ans: What does GAAP stand for? International Accounting Standards Board (International standard setting body) Ans: What does IASB stand for?

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ACCT 200 Exam 1: University of Arizona
(Stussie) Questions and Correct Answers/
Latest Update / Already Graded
Three Types of Businesses

Ans: sole proprietorship, partnership, corporation

Sole Proprietorship

Ans: business owned by one person

Partnership

Ans: business owned by two or more people associated as
partners

Corporation

Ans: separate legal entity for which evidence of ownership is
provided by shares of stock

Types of Financial Statements

Ans: income statement, statement of retained earnings,
balance sheet, statement of cash flows

All rights reserved © 2025/ 2026 |

, Page |2

Beg RE + Net Income - Dividends = End RE

Ans: Equation for Ending Retained Earnings

4000

Ans: If A = 6,000, SE = 2,000, L = ?

3000

Ans: If L ↑ 4,000, SE ↓ 1,000, then A?

Financial Accounting Standards Board (US standard-setting body)

Ans: What does FASB stand for?

Generally Accepted Accounting Principles (US rules for financial
reporting)

Ans: What does GAAP stand for?

International Accounting Standards Board (International standard-
setting body)

Ans: What does IASB stand for?

All rights reserved © 2025/ 2026 |

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Uploaded on: December 12, 2025
Number of pages: 13
Written in: 2025/2026
Type: Exam (elaborations)
Contains: Questions & answers

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