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Accounting 101 Midterm Review Questions and Answers Updated 2026

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Accounting 101 Midterm Review Questions and Answers Updated 2026

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Accounting 101

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Accounting 101

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Accounting 101 Midterm
Review Questions and
Answers Updated 2026
TheBAccountingBEquationB-
BAnswerBAssets=BLiabilitiesB+BStockholdersBEquity

AssetsB-
BAnswerBEconomicBresourcesBthatBareBexpectedBtoBbenefitBtheB
company'sBfutureBoperations.

AssetsBincludeB-
BAnswerBMonetaryBitemsB(cashBandBmoneyBowedBtoBtheBcomp
anyBbyBcustomers),BnonmonetaryBitems,BphysicalBitemsB(inventor
ies,Bland,Bbuildings,Bequipment),BnonphysicalBitemsB(rightsBgrant
edBbyBpatents,Btrademarks,BandBcopyrights).

LiabilitiesB-
BAnswerBbusiness'BpresentBobligationsBtoBpayBcash,BtransferBass
ets,BorBprovideBservicesBtoBotherBentitiesBinBtheBfuture.

LiabilitiesBincludeB-
BAnswerBamountsBowedBtoBsuppliersBforBgoodBandBservicesB(ac
countsBpayable),BborrowedBmoneyB(loans),BexpensesBtaxesBowed
BtoBtheBgovernment,BservicesBtoBbeBperformed.

, StockholdersBEquityB-
BAnswerBrepresentsBtheBclaimsBbyBtheBownersBofBaBcorporation
BtoBtheBassetsBofBtheBbusiness

2BpartsBofBStockholdersBEquityB-
BAnswerBContributedBCapitalBandBRetainedBEarnings

DividendsB-
BAnswerBdistributionsBofBresources,BgenerallyBinBtheBformBofBca
sh,BtoBstockholders.

StatementBofBRetainedBEarningsB-
BAnswerBDividendsBareBlistedBonBwhichBFin.BStatement?

4BfinancialBstatementsB-
BAnswerBIncomeBstatement,BStatementBofBRetainedBEarnings,BB
alanceBSheet,BStatementBofBCashBFlows

IncomeBStatmentB-
BAnswerBsummarizesBtheBrevenueBandBexpensesBbyBaBbusiness
BincurredBoverBanBaccountingBperiodBofBmonthsBorByears.BItBsh
owsBifBtheBbusinessBisBprofitable

StatementBofBRetainedBEarningsBstatementB-
BAnswerBShowsBtheBchangesBinBretainedBearningsBoverBanBacco
untingBperiodBtypicallyBaBmonth.

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Written in: 2025/2026
Type: Exam (elaborations)
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accounting 101 midterm review questions and answer

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Accounting 101 Midterm Review Questions and Answers Updated 2026

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