Financial Accounting Exam 1 with all Correct & 100%
Verified Answers |Latest Version |Already Graded A+
creditors ✔Correct Answer-persons or entities to whom a company owes money
amount owed to creditors ✔Correct Answer-liabilities
note payable ✔Correct Answer-liability to the bank
bonds payable ✔Correct Answer-debt securities sold to investors that must be repaid at a
particular date some years in the future
common stock ✔Correct Answer-the total amount paid in by stockholders for the shares they
purchase
dividends ✔Correct Answer-payments of cash from a corporation to its stockholders
assets ✔Correct Answer-resources owned by a business
revenue ✔Correct Answer-the increase in assets or decrease in liabilities resulting from the sale of
goods or the performance of services in the normal course of business
supplies ✔Correct Answer-assets used in day-to-day operations
inventory ✔Correct Answer-assets that are goods available for future sales to customers
account receivable ✔Correct Answer-the right to receive money in the future
expenses ✔Correct Answer-the cost of assets consumed or services used in the process of
generating revenues
accounts payable ✔Correct Answer-the obligation to pay for goods
income statement ✔Correct Answer-to show how successfully your business performed during a
period of time, you report its revenues and expenses and show net income or loss for a period of
time
retained earnings statement ✔Correct Answer-to indicate how much previous income was
distributed to you and the owners of your business in the form of dividends in a specific period of
time, and how much was retained in the business to allow for future growth
balance sheet ✔Correct Answer-to present a picture at a point in time of what your business owns
(assets) and what it owes (liabilities)
statement of cash flows ✔Correct Answer-to show where your business obtained cash during a
period of time and how that cash was used
stockholders' equity ✔Correct Answer-the owners' claim to assets
Verified Answers |Latest Version |Already Graded A+
creditors ✔Correct Answer-persons or entities to whom a company owes money
amount owed to creditors ✔Correct Answer-liabilities
note payable ✔Correct Answer-liability to the bank
bonds payable ✔Correct Answer-debt securities sold to investors that must be repaid at a
particular date some years in the future
common stock ✔Correct Answer-the total amount paid in by stockholders for the shares they
purchase
dividends ✔Correct Answer-payments of cash from a corporation to its stockholders
assets ✔Correct Answer-resources owned by a business
revenue ✔Correct Answer-the increase in assets or decrease in liabilities resulting from the sale of
goods or the performance of services in the normal course of business
supplies ✔Correct Answer-assets used in day-to-day operations
inventory ✔Correct Answer-assets that are goods available for future sales to customers
account receivable ✔Correct Answer-the right to receive money in the future
expenses ✔Correct Answer-the cost of assets consumed or services used in the process of
generating revenues
accounts payable ✔Correct Answer-the obligation to pay for goods
income statement ✔Correct Answer-to show how successfully your business performed during a
period of time, you report its revenues and expenses and show net income or loss for a period of
time
retained earnings statement ✔Correct Answer-to indicate how much previous income was
distributed to you and the owners of your business in the form of dividends in a specific period of
time, and how much was retained in the business to allow for future growth
balance sheet ✔Correct Answer-to present a picture at a point in time of what your business owns
(assets) and what it owes (liabilities)
statement of cash flows ✔Correct Answer-to show where your business obtained cash during a
period of time and how that cash was used
stockholders' equity ✔Correct Answer-the owners' claim to assets
