Accy 201 Burney Final 2025/2026 Exam
Questions and Correct Answers | New
Update
accounting - 🧠 ANSWER ✔✔information system that provides reports to users
about the economic activities and condition of a business
internal users - 🧠 ANSWER ✔✔auditors, CFO, VPs, customers, employees
external users - 🧠 ANSWER ✔✔bankers, investors, government, SEC
sole proprietorship - 🧠 ANSWER ✔✔one person; separates business and home
partnership - 🧠 ANSWER ✔✔2 or more owners; one has to have liability
corporation - 🧠 ANSWER ✔✔owned under state or federal statues; separate legal,
taxable entity
Limited Liability Company - 🧠 ANSWER ✔✔combines the attributes of a
partnership and a corporation
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
,Assumptions of Accounting (4) - 🧠 ANSWER ✔✔monetary unit, time period,
business entity, going concern
principles of accounting - 🧠 ANSWER ✔✔measurement, historical cost, revenue
recognition, expense recognition, full disclosure
accounting equation - 🧠 ANSWER ✔✔Assets = Liabilities + Owner's Equity
asset - 🧠 ANSWER ✔✔Anything of value that is owned
liability - 🧠 ANSWER ✔✔An amount owed by a business
Owner's Equity - 🧠 ANSWER ✔✔the owner's claims to the assets of the business
How to set up an income statement - 🧠 ANSWER ✔✔company name
income statement
FYE date
Revenue
<expenses> (listed)
NET INCOME
how to set up a statement of retained earnings - 🧠 ANSWER ✔✔company name
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, statement of retained earnings
FYE date
Beginning of retained earnings
net income
<dividends>
ENDING RETAINED EARNINGS
How to set up a balance sheet - 🧠 ANSWER ✔✔company name
balance sheet
As of date
Assets
Current assets
PPE
Intangibles
Total Assets (these equal)
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
Questions and Correct Answers | New
Update
accounting - 🧠 ANSWER ✔✔information system that provides reports to users
about the economic activities and condition of a business
internal users - 🧠 ANSWER ✔✔auditors, CFO, VPs, customers, employees
external users - 🧠 ANSWER ✔✔bankers, investors, government, SEC
sole proprietorship - 🧠 ANSWER ✔✔one person; separates business and home
partnership - 🧠 ANSWER ✔✔2 or more owners; one has to have liability
corporation - 🧠 ANSWER ✔✔owned under state or federal statues; separate legal,
taxable entity
Limited Liability Company - 🧠 ANSWER ✔✔combines the attributes of a
partnership and a corporation
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
,Assumptions of Accounting (4) - 🧠 ANSWER ✔✔monetary unit, time period,
business entity, going concern
principles of accounting - 🧠 ANSWER ✔✔measurement, historical cost, revenue
recognition, expense recognition, full disclosure
accounting equation - 🧠 ANSWER ✔✔Assets = Liabilities + Owner's Equity
asset - 🧠 ANSWER ✔✔Anything of value that is owned
liability - 🧠 ANSWER ✔✔An amount owed by a business
Owner's Equity - 🧠 ANSWER ✔✔the owner's claims to the assets of the business
How to set up an income statement - 🧠 ANSWER ✔✔company name
income statement
FYE date
Revenue
<expenses> (listed)
NET INCOME
how to set up a statement of retained earnings - 🧠 ANSWER ✔✔company name
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, statement of retained earnings
FYE date
Beginning of retained earnings
net income
<dividends>
ENDING RETAINED EARNINGS
How to set up a balance sheet - 🧠 ANSWER ✔✔company name
balance sheet
As of date
Assets
Current assets
PPE
Intangibles
Total Assets (these equal)
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
