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Exam (elaborations)

ACC 101- Exam questions and answers well graded A+

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ACC 101- Exam questions and answers well graded A+

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University Of Illinois - Chicago
Course
ACC 101








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Institution
University Of Illinois - Chicago
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ACC 101
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  • acc 101 exam questions and answers well graded a

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ACC 101- Exam questions and
answers well graded A+
Types of business - ANS✅✅sole proprietorship, partnership, corporation



sole proprietorship - ANS✅✅single owner of a business



partnership - ANS✅✅2 or more owners of a business



corporation - ANS✅✅ownership evidenced by shares of stock



balance sheet - ANS✅✅current financial condition that summarizes the assets, liabilities and
owners' equity at a specific time point



income statement - ANS✅✅how a business performs with in a period of time; summarizes
revenues and expenses



statement of retained earnings - ANS✅✅analysis of retained earnings with in time period;
summarizes the income earned and dividends paid



who uses the financial statements - ANS✅✅creditors, current and potential owners, suppliers,
banks, government agencies, trade associates



assets - ANS✅✅future economic benefits



liabilities - ANS✅✅obligations of a business



expenses - ANS✅✅outflow of assets resulting from the sales of goods and services



revenue - ANS✅✅inflow of assets resulting from the sales of goods and services



current asset - ANS✅✅assets that are assumed to be consumed within one year
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