Exam (elaborations)

Accounting 210 Chapter 1 Vocab(100% Everfree answers)

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Course
ACCT 210

Institution
ACCT 210

Accounting correct answers The information system that identifies, records, and communicates the economic events of an organization to interested users Assets correct answers Resources owned by a business Annual Report correct answers A report prepared by corporate management that presents fi...

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Uploaded on March 5, 2025
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Written in 2024/2025
Type Exam (elaborations)
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accounting

Institution ACCT 210
Course ACCT 210

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Accounting 210 Chapter 1 Vocab(100% Everfree answers)
Accounting correct answers The information system that identifies, records, and communicates
the economic events of an organization to interested users

Assets correct answers Resources owned by a business

Annual Report correct answers A report prepared by corporate management that presents
financial information including financial statements, a management discussion and analysis
section, notes, and an independent auditor's report

Auditor's report correct answers A report prepared by an independent outside auditor stating the
auditor''s opinion as to the fairness of the presentation of the financial position and results of
operations and their conformance with generally accepted accounting principles

Balance sheet correct answers A financial statement that reports the assets and claims to those
assets at a specific point in time

Basic accounting equation correct answers Assets= liabilities + stockholder's equity

Certified Public Accountant (CPA) correct answers An individual who has met certain criteria
and is thus allowed to perform audits of corporations

Common stock correct answers term used to describe the total amount paid in by stockholders
for the shares they purchase

corporation correct answers a business organized as a separate legal entity owned by
stockholders

Dividends correct answers Payments of cash from a corporation to its stockholders

Expenses correct answers The cost of assets consumed or services used in the process of
generating revenues

Income Statement correct answers A financial statement that reports a company's revenues and
expenses resulting net income or net loss for a specific period of time

Liabilities correct answers amounts owed to creditors in the form of debts and other obligations

Management discussion and analysis correct answers A section of the annual report that presents
management's views on the company's ability to pay near-term obligations, its ability to fund
operations and expansion, and its results of operations

Net income correct answers the amount by which revenues exceed expenses

Net loss correct answers the amount by which expenses exceed revenues

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