ACC 101 Exam queries and answers
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What are the different types of businesses? - ANS✅✅Service, Merchandising, Manufacturing
What are some service businesses? - ANS✅✅Delta Airlines, The Walt Disney Company
What are some merchandising businesses? - ANS✅✅Walmart, Amazon
What are some manufacturing businesses? - ANS✅✅Ford Motor Company, Dell
Business entity concept - ANS✅✅the activities of a business are recorded separately from the
activities of its owners, creditors, or other businesses.
Objectivity concept - ANS✅✅concept requires that the amounts recorded in the accounting
records be based on objective evidence.
Only the final agreed-upon amount is objective enough to be recorded in the accounting records.
the accounting concept - ANS✅✅assets = liabilities + stockholders equity
assets - ANS✅✅resources owned by a business
liabilities - ANS✅✅The rights of creditors are the debts of the business
revenue - ANS✅✅A business earns money by selling goods or services to its customers.
expenses - ANS✅✅Assets used in this process of earning revenue are called
income statement - ANS✅✅a summary of the revenue and expenses for a specific period of time,
such as a month or year, based on the matching concept
rated 100%
What are the different types of businesses? - ANS✅✅Service, Merchandising, Manufacturing
What are some service businesses? - ANS✅✅Delta Airlines, The Walt Disney Company
What are some merchandising businesses? - ANS✅✅Walmart, Amazon
What are some manufacturing businesses? - ANS✅✅Ford Motor Company, Dell
Business entity concept - ANS✅✅the activities of a business are recorded separately from the
activities of its owners, creditors, or other businesses.
Objectivity concept - ANS✅✅concept requires that the amounts recorded in the accounting
records be based on objective evidence.
Only the final agreed-upon amount is objective enough to be recorded in the accounting records.
the accounting concept - ANS✅✅assets = liabilities + stockholders equity
assets - ANS✅✅resources owned by a business
liabilities - ANS✅✅The rights of creditors are the debts of the business
revenue - ANS✅✅A business earns money by selling goods or services to its customers.
expenses - ANS✅✅Assets used in this process of earning revenue are called
income statement - ANS✅✅a summary of the revenue and expenses for a specific period of time,
such as a month or year, based on the matching concept
