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ACCOUNTING 101 CHAPTERS 1-4 Exam Questions and Answers 100% Pass $10.49
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ACCOUNTING 101 CHAPTERS 1-4 Exam Questions and Answers 100% Pass
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©FYNDLAY 2025 ALL RIGHTS RESERVED ©FYNDLAY 1 ACCOUNTING 101 CHAPTERS 1-4 Exam Questions and Answers 100% Pass Financial accounting - ANS Provides information for external decision makers Managerial accounting - ANS Accounting that focuses on providing information for internal decision maker...

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  • May 5, 2025
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting 101 chapters 1 4 exam questions and ans

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  • Accounting 101
  • Accounting 101

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©FYNDLAY 2025 ALL RIGHTS RESERVED




ACCOUNTING 101 CHAPTERS 1-4 Exam
Questions and Answers 100% Pass



Financial accounting - ANS Provides information for external decision makers


Managerial accounting - ANS Accounting that focuses on providing information for internal
decision makers


Certified public accountant - ANS Licensed professional accounts who serve the general
public


Certified management accountants - ANS Certified professionals who typically work for a
single company


Financial Accounting Standards - ANS Private organization that oversees the creation and
governance of accounting standards in the US


Generally Accepted Accounting Principles - ANS Currently formulated by the FASB, the main
US accounting rule book


Securities and Exchange Commission - ANS Oversees the US financial markets


Economic entity assumption - ANS Organization that stands apart as a separate economic
unit




©FYNDLAY 1

, ©FYNDLAY 2025 ALL RIGHTS RESERVED


Cost principle - ANS States that acquired assets and services should be recorded at their
actual cost


Monetary Unit Assumption - ANS Requires the items on the financial statements to be
measured in terms of a monetary unit


Going concern assumption - ANS Assumes that the entity will remain in operation for the
foreseeable future


International accounting standards board - ANS Private organization that oversees the
creation and governance of international reporting standards


Retained earnings - ANS Equity that is earned but not distributed to stockholders (increases
with revenue and decreases with expenses)


Equity - ANS Owners claim to the assets of the business


Dividend - ANS Distribution of a corporation earnings to stockholders


Transaction - ANS Any event that affects the financial position of the business (can be
measured with faithful representation)


Statement of retained earnings - ANS Informs users about how much of the earnings were
kept and reinvested in the company


Income statement - ANS Summary of a business entitys revenues and expenses for a period
of time (monthly, quarterly, or year)


Balance sheet - ANS Lists a business entity's assets, liabilities, and stockholders equity as of a
specific date (end of month)



©FYNDLAY 2

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