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Accounting 1 FBLA Study Guide Questions and Answers correct $16.99
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Accounting 1 FBLA Study Guide Questions and Answers correct
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Accounting 1 FBLA Study Guide Questions and Answers correct Accounting Process of identifying, measuring, and reporting financial info of an entity Accounting Equation assets = liabilities + equity Accounts Payable money owned to creditors, vendors, etc Accounts Receivable ...

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  • May 5, 2025
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting 1 fbla study guide questions and answer
  • accounts payable money owned to creditors vendors
  • accounts receivable money owned to a business ie

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Accounting 1 FBLA Study Guide Questions
and Answers correct
Accounting - answer Process of identifying, measuring, and reporting financial info of
an entity

Accounting Equation - answer assets = liabilities + equity

Accounts Payable - answer money owned to creditors, vendors, etc

Accounts Receivable - answer money owned to a business, i.e. credit sales

Assets - answer Current assets are those that will be used within one year. Typically
this could be cash, inventory or accounts receivable. Fixed assets (non current) are
more long-term and will likely provide benefits to a company for more than one year,
such as a building, land or machinery.

Balance Sheet - answer A financial report that summarizes a company's assets
(what it owns), liabilities (what it owes) and owner's equity at a given time.

Capitol - answer A financial asset and its value, such as cash or goods. Working
capital is calculated by taking your current assets subtracted from current liabilities.

Cash Flow - answer The revenue or expense expected to be generated through
business activities (sales, manufacturing, etc.) over a period of time. Having a positive
cash flow is essential in order for businesses to survive in the long run.

Certified Public Accountant - answer A designation given to someone who has
passed a standardized CPA exam and met government-mandated work experience and
educational requirements to become a CPA.

Cost of Good Sold - answer The direct expense related to producing the goods sold
by a company. This may include the cost of the raw materials (parts) and amount of
employee labor used in production.

Credit - answer An accounting entry that may either decrease assets or increase
liabilities and equity on the company's balance sheet, depending on the transaction.
When using the double-entry accounting method there will be two recorded entries for
every transaction: a credit and a debit.

Debt - answer An accounting entry where there is either an increase in assets or a
decrease in liabilities on a company's balance sheet.

, Expenses (Fixed, Variable, Accrued, Operation) - answer The fixed, variable,
accrued or day-to-day costs that a business may incur through its operations. Examples
of expenses include payments to banks, suppliers, employees or equipment.

Generally Accepted Accounting Principles - answer A set of rules and guidelines
developed by the accounting industry for companies to follow when reporting financial
data. Following these rules is especially critical for all publicly traded companies.

General Ledger - answer A complete record of the financial transactions over the life
of a company.

Liabilities (Current and Long-Term) - answer A company's debts or financial
obligations it incurred during business operations. Current liabilities are those debts that
are payable within a year, such as a debt to suppliers. Long-term liabilities are typically
payable over a period of time greater than one year. An example of a long-term liability
would be a bank loan.

Net Income - answer A company's total earnings, also called net profit or the "bottom
line." Net income is calculated by subtracting totally expenses from total revenues.

Owner's Equity - answer An owner's equity is typically explained in terms of the
percentage amount of stock a person has ownership interest in the company. The
owners of the stock are commonly referred to as the shareholders.

Present Value - answer The value of how much a future sum of money is worth
today. Present value helps us understand how receiving $100 now is worth more than
receiving $100 a year from now. See an example of the time value of money here.

Profit and Loss Statement - answer A financial statement that is used to summarize
a company's performance and financial position by reviewing revenues, costs and
expenses during a specific period of time; such a quarterly or annually.

Return on Investment - answer A measure used to evaluate the financial
performance relative to the amount of money that was invested. The ROI is calculated
by dividing the net profit by the cost of the investment. The result is often expressed as
a percentage. See an example here.

time deposits - answer Savings accounts and certificates of deposits at a bank.

trade discount - answer A discount that often varies by customer. For example, a
company may sell its products to a variety of re-sellers. Some of the re-sellers might
buy $1 million of products each year, other re-sellers might purchase $100,000, and still
others buy less than $10,000 per year. The company would probably have lower selling
prices for the large-volume re-sellers and have higher selling prices for the low-volume
re-sellers. One way to achieve this is to have a catalog showing just one selling price for

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