SURVEY OF ACCOUNTING ACTUAL TEST
PAPER UPDATED COMPLETE QUESTIONS
WITH VERIFIED ANSWERS
●● Accounting Equation
Answer: assets=liabilities+stockholders equity
●● Accounting Period Concept
Answer: An accounting concept in which accounting data are recorded
and summarized in a period process.
●● Accounts Payable
Answer: Liabilities for amounts incurred from purchases of products or
services in the normal operations of a business
●● Accounts Receivable
Answer: Liabilities for amounts incurred from purchases of products or
services in the normal operations of a business
●● Adequate Disclosure Concept
Answer: An accounting concept that requires financial statements to
include all relevant data a reader needs to understand the financial
condition and performance of a business.
, ●● Administrative Expenses
Answer: Expenses incurred in the administration or general operations
of the business.
●● Assets
Answer: resources owned by a business
●● Balance Sheet
Answer: A list of the assets, liabilities, and owner's equity as of a
specific date, usually at the close of the last day of a month or a year.
●● Bonds Payable
Answer: A type of long-term debt financing with a face amount that is in
the future with interest that is normally paid semiannually.
●● Business
Answer: An organization in which basic resources (inputs), such as
materials and labor, are assembled and processed to provide goods or
services (outputs) to customers.
●● Business Entity Concept
PAPER UPDATED COMPLETE QUESTIONS
WITH VERIFIED ANSWERS
●● Accounting Equation
Answer: assets=liabilities+stockholders equity
●● Accounting Period Concept
Answer: An accounting concept in which accounting data are recorded
and summarized in a period process.
●● Accounts Payable
Answer: Liabilities for amounts incurred from purchases of products or
services in the normal operations of a business
●● Accounts Receivable
Answer: Liabilities for amounts incurred from purchases of products or
services in the normal operations of a business
●● Adequate Disclosure Concept
Answer: An accounting concept that requires financial statements to
include all relevant data a reader needs to understand the financial
condition and performance of a business.
, ●● Administrative Expenses
Answer: Expenses incurred in the administration or general operations
of the business.
●● Assets
Answer: resources owned by a business
●● Balance Sheet
Answer: A list of the assets, liabilities, and owner's equity as of a
specific date, usually at the close of the last day of a month or a year.
●● Bonds Payable
Answer: A type of long-term debt financing with a face amount that is in
the future with interest that is normally paid semiannually.
●● Business
Answer: An organization in which basic resources (inputs), such as
materials and labor, are assembled and processed to provide goods or
services (outputs) to customers.
●● Business Entity Concept
