SURVEY OF ACCOUNTING FINAL PAPER
FULL QUESTIONS AND CORRECT ANSWERS
PREMIUM STUDY SHEET
●● Accounting equation
Answer: Assets= Liabilities +Stockholder's 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 operataions of a business
●● accounts receivable
Answer: receivables created by selling merchandise or services on credit
●● 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: cost not directly related to selling, such as officer salaries
●● Assets
Answer: the 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 a year.
●● Bonds payable
Answer: a type of long-term devt financing with a face amount that is in
the future with interest that is normally paid semiannually.
●● business
Answer: a organization in which basic resources (inputs), such as
materials and labor, are assembled and processed to provide goods and
services (outputs) to customers.
●● Business entity concept
Answer: an accounting concept that limits the economic data in the
accounting system of a specific business or entity to data related directly
to the activities of that business or entity
FULL QUESTIONS AND CORRECT ANSWERS
PREMIUM STUDY SHEET
●● Accounting equation
Answer: Assets= Liabilities +Stockholder's 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 operataions of a business
●● accounts receivable
Answer: receivables created by selling merchandise or services on credit
●● 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: cost not directly related to selling, such as officer salaries
●● Assets
Answer: the 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 a year.
●● Bonds payable
Answer: a type of long-term devt financing with a face amount that is in
the future with interest that is normally paid semiannually.
●● business
Answer: a organization in which basic resources (inputs), such as
materials and labor, are assembled and processed to provide goods and
services (outputs) to customers.
●● Business entity concept
Answer: an accounting concept that limits the economic data in the
accounting system of a specific business or entity to data related directly
to the activities of that business or entity
