MGA 201 UB Exam 1 ch 1-4 Questions With
Correct Answers
Assets |- |CORRECT |ANSWER✔✔-Somothing |a |company |owns |which |is |valuable
Liabilities |- |CORRECT |ANSWER✔✔-something |a |company |Owes
Stockholders |Equity |- |CORRECT |ANSWER✔✔-the |net |worth |of |a |company |after |all |liabilities |
are |paid |(Assets |- |Liabilities |= |Stockholders |Equity)
Revenue |- |CORRECT |ANSWER✔✔-income, |profit
Expenses |- |CORRECT |ANSWER✔✔-various |costs |of |operation |(Revenues |- |Expenses |=Net |
Income |)
Dividends |- |CORRECT |ANSWER✔✔-payments |made |to |stockholders
External |users |- |CORRECT |ANSWER✔✔-financial, |stockholders
Internal |users |- |CORRECT |ANSWER✔✔-managers |who |plan, |organize, |and |run |a |business
The |Income |Statement |- |CORRECT |ANSWER✔✔-(Revenues |-Expenses |=Net |Income) |Income |
statement |shows |profit
, Statement |of |Retained |Earnings |- |CORRECT |ANSWER✔✔-earnings |End |$ |= |Beginning |$ |+ |Net |
Income |- |Dividends)
Bolance |sheet |- |CORRECT |ANSWER✔✔-Assets |= |Liabilities |+ |Stockholders |Equity
Statement |of |cash |flows |- |CORRECT |ANSWER✔✔-a. |investing |cash |flow |+ |financing |cash |flow |+
|operating |cash |flow |= |change |in |cash |
b. |Beginning |cash |+ |change |in |cash |= |Ending |Cash
Sole |proprietorship |- |CORRECT |ANSWER✔✔-Buisness |owned |by |one |person
partnership |- |CORRECT |ANSWER✔✔-Buisness |owned |by |two |or |more |people
corporation |- |CORRECT |ANSWER✔✔-Owners |of |corporations, |A.KA. |Stockholders |not |
personally |liable |for |debts |of |the |Corporation
useful |Financial |Statements |are |- |CORRECT |ANSWER✔✔-timely, |veritiable, |comparable |and |
understandable
External |- |CORRECT |ANSWER✔✔-Exchanges |between |a |company |and |one |or |more |parties
Internal |- |CORRECT |ANSWER✔✔-Events |that |do |not |include |other |parties |but |have |an |effect |
on |the |company
The |Accounting |cycle |Step |1 |- |CORRECT |ANSWER✔✔-Analyze
The |Accounting |cycle |Step |2 |- |CORRECT |ANSWER✔✔-Reord |transactions |in |a |Journal
Correct Answers
Assets |- |CORRECT |ANSWER✔✔-Somothing |a |company |owns |which |is |valuable
Liabilities |- |CORRECT |ANSWER✔✔-something |a |company |Owes
Stockholders |Equity |- |CORRECT |ANSWER✔✔-the |net |worth |of |a |company |after |all |liabilities |
are |paid |(Assets |- |Liabilities |= |Stockholders |Equity)
Revenue |- |CORRECT |ANSWER✔✔-income, |profit
Expenses |- |CORRECT |ANSWER✔✔-various |costs |of |operation |(Revenues |- |Expenses |=Net |
Income |)
Dividends |- |CORRECT |ANSWER✔✔-payments |made |to |stockholders
External |users |- |CORRECT |ANSWER✔✔-financial, |stockholders
Internal |users |- |CORRECT |ANSWER✔✔-managers |who |plan, |organize, |and |run |a |business
The |Income |Statement |- |CORRECT |ANSWER✔✔-(Revenues |-Expenses |=Net |Income) |Income |
statement |shows |profit
, Statement |of |Retained |Earnings |- |CORRECT |ANSWER✔✔-earnings |End |$ |= |Beginning |$ |+ |Net |
Income |- |Dividends)
Bolance |sheet |- |CORRECT |ANSWER✔✔-Assets |= |Liabilities |+ |Stockholders |Equity
Statement |of |cash |flows |- |CORRECT |ANSWER✔✔-a. |investing |cash |flow |+ |financing |cash |flow |+
|operating |cash |flow |= |change |in |cash |
b. |Beginning |cash |+ |change |in |cash |= |Ending |Cash
Sole |proprietorship |- |CORRECT |ANSWER✔✔-Buisness |owned |by |one |person
partnership |- |CORRECT |ANSWER✔✔-Buisness |owned |by |two |or |more |people
corporation |- |CORRECT |ANSWER✔✔-Owners |of |corporations, |A.KA. |Stockholders |not |
personally |liable |for |debts |of |the |Corporation
useful |Financial |Statements |are |- |CORRECT |ANSWER✔✔-timely, |veritiable, |comparable |and |
understandable
External |- |CORRECT |ANSWER✔✔-Exchanges |between |a |company |and |one |or |more |parties
Internal |- |CORRECT |ANSWER✔✔-Events |that |do |not |include |other |parties |but |have |an |effect |
on |the |company
The |Accounting |cycle |Step |1 |- |CORRECT |ANSWER✔✔-Analyze
The |Accounting |cycle |Step |2 |- |CORRECT |ANSWER✔✔-Reord |transactions |in |a |Journal
