Accy 201 Burney Final Exam with
Guaranteed Pass Solutions.
accounting - Answer information system that provides reports to users about the economic
activities and condition of a business
internal users - Answer auditors, CFO, VPs, customers, employees
external users - Answer bankers, investors, government, SEC
sole proprietorship - Answer one person; separates business and home
partnership - Answer 2 or more owners; one has to have liability
corporation - Answer owned under state or federal statues; separate legal, taxable entity
Limited Liability Company - Answer combines the attributes of a partnership and a
corporation
Assumptions of Accounting (4) - Answer monetary unit, time period, business entity, going
concern
principles of accounting - Answer measurement, historical cost, revenue recognition,
expense recognition, full disclosure
accounting equation - Answer Assets = Liabilities + Owner's Equity
asset - Answer Anything of value that is owned
liability - Answer An amount owed by a business
Owner's Equity - Answer the owner's claims to the assets of the business
How to set up an income statement - Answer company name
income statement
FYE date
, Revenue
<expenses> (listed)
NET INCOME
how to set up a statement of retained earnings - Answer company name
statement of retained earnings
FYE date
Beginning of retained earnings
net income
<dividends>
ENDING RETAINED EARNINGS
How to set up a balance sheet - Answer company name
balance sheet
As of date
Assets
Current assets
PPE
Intangibles
Total Assets (these equal)
Liabilities
Short-term liabilities
Long-term liabilities
Total
Owner's Equity
Common Stock
Retained earnings
total
Total of Liability and OE (these equal)
General Ledger - Answer A ledger that contains all accounts needed to prepare financial
statements
Guaranteed Pass Solutions.
accounting - Answer information system that provides reports to users about the economic
activities and condition of a business
internal users - Answer auditors, CFO, VPs, customers, employees
external users - Answer bankers, investors, government, SEC
sole proprietorship - Answer one person; separates business and home
partnership - Answer 2 or more owners; one has to have liability
corporation - Answer owned under state or federal statues; separate legal, taxable entity
Limited Liability Company - Answer combines the attributes of a partnership and a
corporation
Assumptions of Accounting (4) - Answer monetary unit, time period, business entity, going
concern
principles of accounting - Answer measurement, historical cost, revenue recognition,
expense recognition, full disclosure
accounting equation - Answer Assets = Liabilities + Owner's Equity
asset - Answer Anything of value that is owned
liability - Answer An amount owed by a business
Owner's Equity - Answer the owner's claims to the assets of the business
How to set up an income statement - Answer company name
income statement
FYE date
, Revenue
<expenses> (listed)
NET INCOME
how to set up a statement of retained earnings - Answer company name
statement of retained earnings
FYE date
Beginning of retained earnings
net income
<dividends>
ENDING RETAINED EARNINGS
How to set up a balance sheet - Answer company name
balance sheet
As of date
Assets
Current assets
PPE
Intangibles
Total Assets (these equal)
Liabilities
Short-term liabilities
Long-term liabilities
Total
Owner's Equity
Common Stock
Retained earnings
total
Total of Liability and OE (these equal)
General Ledger - Answer A ledger that contains all accounts needed to prepare financial
statements
