ACCOUNTING 200 EXAM 1 UTK CERTIFIED QUALITY EXAMS
ACTUAL 2025/26 QUESTIONS AND ANSWERS A+ SCORE
SOLUTION REVIEW
Income statement - ---Answers----revenues - expenses = net
income
Gaap - ---Answers----generally accepted accounting principles
The four financial statements required of businesses
Six account categories - ---Answers----assets, liabilities,
equity, revenues, expenses, dividends
Statement of retained earning - ---Answers----beginning re
+net income
-dividends
=ending re
Balance sheet - ---Answers----assets = liabilities + equity
Statement of cash flows - ---Answers----operating activities
+cash from operating transactions
-cash paid for operating transactions
=net cash from operating activities
Investing activities
+cash received from sale of land, buildings, and equipment
-cash paid for purchases of land, buildings, and equipment
=net cash from investing activities
Financing activities
+cash in from capital stock
+cash in from borrowing lt debt
-cash out for dividends
-cash out for repayment of lt debt
, =net cash for financing activities
=change in cash
+beginning balance
=end cash balance
Increase in revenue causes: - ---Answers----increase in net
income; increase in ending retained earnings; increase total
equity
Fasb - ---Answers----financial accounting standards board
Writes the gaap
Sec - ---Answers----securities and exchange commission
Attempts to protect investors
Iasb - ---Answers----international accounting standards board
For businesses working on an international level
Fraud triangle - ---Answers----rationalization, opportunity,
pressure
Increase in dividends causes: - ---Answers----decrease in
retained earnings; decrease in equity
Accrued revenue - ---Answers----if the cash will be received in
the future after the revenue is earned
Deferred revenue - ---Answers----if the cash was received
before revenue was earned
Accrued expense - ---Answers----if cash will be paid in the
future after the expense is incurred
ACTUAL 2025/26 QUESTIONS AND ANSWERS A+ SCORE
SOLUTION REVIEW
Income statement - ---Answers----revenues - expenses = net
income
Gaap - ---Answers----generally accepted accounting principles
The four financial statements required of businesses
Six account categories - ---Answers----assets, liabilities,
equity, revenues, expenses, dividends
Statement of retained earning - ---Answers----beginning re
+net income
-dividends
=ending re
Balance sheet - ---Answers----assets = liabilities + equity
Statement of cash flows - ---Answers----operating activities
+cash from operating transactions
-cash paid for operating transactions
=net cash from operating activities
Investing activities
+cash received from sale of land, buildings, and equipment
-cash paid for purchases of land, buildings, and equipment
=net cash from investing activities
Financing activities
+cash in from capital stock
+cash in from borrowing lt debt
-cash out for dividends
-cash out for repayment of lt debt
, =net cash for financing activities
=change in cash
+beginning balance
=end cash balance
Increase in revenue causes: - ---Answers----increase in net
income; increase in ending retained earnings; increase total
equity
Fasb - ---Answers----financial accounting standards board
Writes the gaap
Sec - ---Answers----securities and exchange commission
Attempts to protect investors
Iasb - ---Answers----international accounting standards board
For businesses working on an international level
Fraud triangle - ---Answers----rationalization, opportunity,
pressure
Increase in dividends causes: - ---Answers----decrease in
retained earnings; decrease in equity
Accrued revenue - ---Answers----if the cash will be received in
the future after the revenue is earned
Deferred revenue - ---Answers----if the cash was received
before revenue was earned
Accrued expense - ---Answers----if cash will be paid in the
future after the expense is incurred
