ACCT 2101 Quiz 1 questions with verified answers

ACCT 2101 Quiz 1 questions with
verified answers

Five Basic Financial Statements - CORRECT ANSWER ✔✔Income Statement, Balance Sheet,
Statement of Stockholders' Equity, Statement of Cash Flows, and Statement of Comprehensive
Income



Alternative Names for Income Statement - CORRECT ANSWER ✔✔Statement of Earnings,
Statement of Operations, Statement of Profit & Loss



Organizations that write Accounting Rules - CORRECT ANSWER ✔✔IASB, FASB, SEC



SEC, what it stands for and purpose - CORRECT ANSWER ✔✔Stands for Securities and Exchange
Commission.

Responsible for the regulation of all publicly-traded companies in the United States.



Difference between Private and Public Company - CORRECT ANSWER ✔✔Private Company:
Does not sell shares of stock to outside parties

Public Company: Does sell shares of stock to outside parties through organized stock exchanges



Balance Sheet: Alternative Name and what it balances - CORRECT ANSWER ✔✔Alternative
name is Statement of Financial Position

Balances through the Accounting Equation which is:

Assets = Liabilities + Stockholders' Equity



Proxy Statement: What it is and 2 disclosures - CORRECT ANSWER ✔✔Document where the
company solicits votes (proxies) from the shareholders.