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ACCT 2401 Chapter 1 Study Guide | Accounting Fundamentals Review, Key Concepts & Practice Questions

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ACCT 2401 Chapter 1 Study Guide | Accounting Fundamentals Review, Key Concepts & Practice Questions

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ACCT 2401 Chapter 1 Study Guide | Accounting Fundamentals Review, Key Concepts &
Practice Questions



Accounting - ANS ✔✔the process of recognizing, measuring, recording, and reporting
information about a business's transactions; provides business activity to stakeholders



Stakeholders - ANS ✔✔anyone interested in the company; affected by the business



Asset - ANS ✔✔an economic resource that a business owns and can use to operate the business



Liability - ANS ✔✔an amount owed to a lender or a creditor



Stockholder's Equity (Owner's Equity) - ANS ✔✔money provided to the business by owners
through investments or profits



Common Stock + Retained Earnings



Net Income - ANS ✔✔profit; money remaining after paying interest and expenses



Accounting Equation - ANS ✔✔Assets=Liabilities +Owner's Equity(Stockholder's Equity)



Accounts Payable - ANS ✔✔money owed to someone when a company purchases goods and
services



Notes Payable - ANS ✔✔money owed to someone with a written promise to oat them back in
the near future; interest is usually included



Unearned Revenue - ANS ✔✔services owed to a customer

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