UIUC Accy 201 Exam 1 2025/2026 Exam
Questions and Corresponding Answers
with Surety of 100% Pass Mark
accounting - 🧠 ANSWER ✔✔a system of maintaining records of a company's
operations and communicating that information to decision makers
assets - 🧠 ANSWER ✔✔resources of a company
balance sheet - 🧠 ANSWER ✔✔a financial statement that presents the financial
position of a company on a particular date
corporation - 🧠 ANSWER ✔✔an entity that is legally separate from its owners
dividends - 🧠 ANSWER ✔✔cash payments to stockholders
expenses - 🧠 ANSWER ✔✔cost s of providing products and services
financial accounting - 🧠 ANSWER ✔✔accounting information that is complete,
neutral, and free from error
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, financial statements - 🧠 ANSWER ✔✔periodic reports published by the company
for the purpose of providing information to external users
GAAP - 🧠 ANSWER ✔✔the rules of financial accounting
income statement - 🧠 ANSWER ✔✔A financial statement that reports a company's
revenues and expenses over an interval of time
liabilities - 🧠 ANSWER ✔✔amounts owed to creditors
net income - 🧠 ANSWER ✔✔difference between revenues and expenses
retained earnings - 🧠 ANSWER ✔✔cumulative amount of net income earned over
the life of the company that has not been distributed to stockholders as dividends
revenues - 🧠 ANSWER ✔✔amounts recorded when the company sells products or
services to customers
statement of cash flows - 🧠 ANSWER ✔✔a financial statement that measures
activities involving cash receipts and cash payments over an interval of time
statement of stockholders equity - 🧠 ANSWER ✔✔a financial statement that
summarizes the changes in stockholders' equity over an interval of time
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
Questions and Corresponding Answers
with Surety of 100% Pass Mark
accounting - 🧠 ANSWER ✔✔a system of maintaining records of a company's
operations and communicating that information to decision makers
assets - 🧠 ANSWER ✔✔resources of a company
balance sheet - 🧠 ANSWER ✔✔a financial statement that presents the financial
position of a company on a particular date
corporation - 🧠 ANSWER ✔✔an entity that is legally separate from its owners
dividends - 🧠 ANSWER ✔✔cash payments to stockholders
expenses - 🧠 ANSWER ✔✔cost s of providing products and services
financial accounting - 🧠 ANSWER ✔✔accounting information that is complete,
neutral, and free from error
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, financial statements - 🧠 ANSWER ✔✔periodic reports published by the company
for the purpose of providing information to external users
GAAP - 🧠 ANSWER ✔✔the rules of financial accounting
income statement - 🧠 ANSWER ✔✔A financial statement that reports a company's
revenues and expenses over an interval of time
liabilities - 🧠 ANSWER ✔✔amounts owed to creditors
net income - 🧠 ANSWER ✔✔difference between revenues and expenses
retained earnings - 🧠 ANSWER ✔✔cumulative amount of net income earned over
the life of the company that has not been distributed to stockholders as dividends
revenues - 🧠 ANSWER ✔✔amounts recorded when the company sells products or
services to customers
statement of cash flows - 🧠 ANSWER ✔✔a financial statement that measures
activities involving cash receipts and cash payments over an interval of time
statement of stockholders equity - 🧠 ANSWER ✔✔a financial statement that
summarizes the changes in stockholders' equity over an interval of time
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
