TCU Accounting Test 1 – Questions With Fully Explained Solutions

TCU Accounting Test 1 – Questions With Fully
Explained Solutions

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Practice questions for this set


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decreases in assets or increase in liabilities from peripheral activites



Choose an answer



1 balance sheet 2 Loses



Statement of Cash flows- Operating
3 Separate Entity Assumption 4
Activities



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, Terms in this set (38)



balance sheet states the company's financial position at a specific
point in time


Assets =Liabilities +SE (Common Stock + Retained
Earnings)


Time Period: At [Insert Date], Current Year (or
whatever year it is i.e. 2012)


income statement reports the accountants primary measure of
performance of a business for a the period


Revenue (Cash + Credit) - Expenses = Net Income


Time Period: For the (Month, Year) Ended [Insert
Date], Current Year (or whatever year it is i.e. 2012)


Statement of Stockholder's equity reports the changes in each of the company's SHE
accounts during that period


Contains two elements:
1. Common stock
2. retained earnings - Beg. RE + NI - Div= End RE


Time Period: For the (Month, Year) Ended [Insert
Date], Current Year (or whatever year it is i.e. 2012)