ACNT 1303 FINAL EXAM UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
What are the properties or resources that business owns
and uses in its operations called?
Answer:
Assets
Question:
What are the debts owed to creditors by a business or
the creditors' right to. or claims against the properties of
a business called?
Answer:
Liabilities
Question:
What is the financial interest of the owner in a business or
the owner's rights to or claims against the properties of a
business called?
Answer:
Capital (or owner's equity)
Question:
What financial statement shows whether or not a business
was profitable for a specified period of time?
Answer:
Income statement
Question:
What financial statement shows how owner's equity
(capital) changed from the beginning to the end of the
accounting period?
Answer:
Statement of owner's equity (or capital statement)
Question:
What financial statement shows the financial condition or
position of a business on a certain date by listing its
assets, liabilities, and owner's equity?
Answer:
Balance sheet
Question:
What financial statement shows the changes in cash from
the beginning to the end of the accounting period?
, Answer:
Statement of cash flows (or cash flow statement)
Question:
What is the process of recording the transaction in the
journal in their entirety in chronological order called?
Answer:
Journalizing
Question:
What is the process of transferring the information in the
journal entries to the ledger accounts in the general
ledger called?
Answer:
Posting
Question:
What is the schedule called that is prepared at different
points in time to verify debits and credits in the ledger are
equal?
Answer:
Trial balance
Question:
After the daily transactions are journalized and posted, a
schedule is prepared to check the accuracy of the total
debits with the total credits to see if they are equal. What
is this schedule called?
Answer:
Unadjusted trial balance
Question:
What are entries made at the end of an accounting
period to bring the accounts up to date and to provide a
more accurate net income called?
Answer:
Adjusting entries
Question:
Classify the Accumulated Depreciation account and
indicate its normal balance. (OR How is the Accumulated
Depreciation account classified and what is its normal
balance?)
Answer:
It is a contra asset with a normal credit balance.
Question:
QUESTIONS AND CORRECT ANSWERS
Question:
What are the properties or resources that business owns
and uses in its operations called?
Answer:
Assets
Question:
What are the debts owed to creditors by a business or
the creditors' right to. or claims against the properties of
a business called?
Answer:
Liabilities
Question:
What is the financial interest of the owner in a business or
the owner's rights to or claims against the properties of a
business called?
Answer:
Capital (or owner's equity)
Question:
What financial statement shows whether or not a business
was profitable for a specified period of time?
Answer:
Income statement
Question:
What financial statement shows how owner's equity
(capital) changed from the beginning to the end of the
accounting period?
Answer:
Statement of owner's equity (or capital statement)
Question:
What financial statement shows the financial condition or
position of a business on a certain date by listing its
assets, liabilities, and owner's equity?
Answer:
Balance sheet
Question:
What financial statement shows the changes in cash from
the beginning to the end of the accounting period?
, Answer:
Statement of cash flows (or cash flow statement)
Question:
What is the process of recording the transaction in the
journal in their entirety in chronological order called?
Answer:
Journalizing
Question:
What is the process of transferring the information in the
journal entries to the ledger accounts in the general
ledger called?
Answer:
Posting
Question:
What is the schedule called that is prepared at different
points in time to verify debits and credits in the ledger are
equal?
Answer:
Trial balance
Question:
After the daily transactions are journalized and posted, a
schedule is prepared to check the accuracy of the total
debits with the total credits to see if they are equal. What
is this schedule called?
Answer:
Unadjusted trial balance
Question:
What are entries made at the end of an accounting
period to bring the accounts up to date and to provide a
more accurate net income called?
Answer:
Adjusting entries
Question:
Classify the Accumulated Depreciation account and
indicate its normal balance. (OR How is the Accumulated
Depreciation account classified and what is its normal
balance?)
Answer:
It is a contra asset with a normal credit balance.
Question:
