A100 ACCOUNTING 2025/2026 ACCURATE ANSWERS

A100 ACCOUNTING 2025/2026
ACCURATE ANSWERS

What are the Big 4 accounting firms? - CORRECT ANSWERS(PEKD) 1.PwC 2.Ernst and Young 3.KPMG
4.Deloitte



The four Financial statements are? - CORRECT ANSWERS1. Balance Sheet

2. Income Statement

3. Statement of retained earnings

4. Statement of cash flows



Assets= - CORRECT ANSWERSLiabilities+Equity



Assets are - CORRECT ANSWERSWhat you own



Liabilities are - CORRECT ANSWERSWhat you owe



Net income= - CORRECT ANSWERSRevenue-Expenses



Current Assets - CORRECT ANSWERSCash

Accounts Receivable

Inventory

Short term investments

Prepaid (Rent, Insurance, Etc.)



Fixed Assets - CORRECT ANSWERSEquipment

Buildings

Land

, Intangible Assets - CORRECT ANSWERSPatents

Copyrights

Trademarks

Goodwill



Current Liabilities - CORRECT ANSWERSAccounts Payable

Utilities Payable

Wages Payable

Short term notes payable



Long Term Liabilites - CORRECT ANSWERSNotes Payable

Bonds Payable



Stock Holders Equity - CORRECT ANSWERSCommon Stock

Retained Earnings



The Ending Balance Sheet of one Period - CORRECT ANSWERSBecomes the beginning of the next period.



Income Statement - CORRECT ANSWERSRevenue-Expenses=Net Income



What goes in the income statement? - CORRECT ANSWERSRevenue

Expenses



Revenue - CORRECT ANSWERSIncome from selling a service that you provide

Buying a product and then selling it for a higher price



Expenses - CORRECT ANSWERSWhat we used up during a period in order to acquire revenue

Cost of products sold