MGT 8803 - FINANCIAL ACCOUNTING EXAM 1 STUDY SET UPDATED ACTUAL Questions and CORRECT Answers

MGT 8803 - FINANCIAL ACCOUNTING EXAM 1 STUDY SET
UPDATED ACTUAL Questions and CORRECT Answers




Terms in this set (55)



Types of Accounts 1. Assets
2. Liabilities
3. Equity
4. Revenue
5. Expenses

, Balance Sheet A financial statement that reports the assets and claims to
those assets at a specific point in time.


Income Statement A financial statement that reports a company's revenues and
expenses and resulting net income or net loss for a specific
period of time.


Any account with "revenues" in the title except deferred revenues is income statement account


Any account with "expenses" in the title except Prepaid Expenses will be an income statement
account


Any account with "payables" in the title will liability account
be a


Cash Type: Asset
Statement: Balance Sheet
Current Account


Deferred Revenue cash received in advance from a customer for products or
services to be provided in the future.
Type: Liability
Statement: Balance Sheet
Current Account


Treasury Stock A corporation's own stock that it has reacquired
Type: Contra-Equity
Statement: Balance Sheet


Cost of Goods Sold the total cost of merchandise sold during the period
Type: Expense
Statement: Income Statement


Interest Expense the interest accrued on money borrowed
Type: Expense
Statement: Income Statement


Sales The total amount charged customers for merchandise sold,
including cash sales and sales on account.
Type: Revenue
Statement: Income Statement


Sales Discounts reduction in the amount of cash received from a customer for
early payment
Type: Contra-Revenue
Statement: Income Statement