Accounting 2220 Exam #1 BGSU
Questions and Answers Already Graded
A+
Financial Accounting - ✔✔provides information used primarily by investors,
creditors, and others outside a business
Managerial Accounting - ✔✔information used by executives, managers,
and employees who work inside the business
GAAP - ✔✔generally accepted accounting principles
Balance Sheet - ✔✔asset + liability = equity at a specific point in time
Income Statement - ✔✔revenues - expenses = net income over a specific
accounting period
Statement of Cash Flow - ✔✔cash flow from operations - cash flow from
operating, financing, and investing = cash flow over a specific accounting
period
Product Costs - ✔✔direct materials, direct labor, and manufacturing
overhead
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Questions and Answers Already Graded
A+
Financial Accounting - ✔✔provides information used primarily by investors,
creditors, and others outside a business
Managerial Accounting - ✔✔information used by executives, managers,
and employees who work inside the business
GAAP - ✔✔generally accepted accounting principles
Balance Sheet - ✔✔asset + liability = equity at a specific point in time
Income Statement - ✔✔revenues - expenses = net income over a specific
accounting period
Statement of Cash Flow - ✔✔cash flow from operations - cash flow from
operating, financing, and investing = cash flow over a specific accounting
period
Product Costs - ✔✔direct materials, direct labor, and manufacturing
overhead
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
