ACCT 2000 EXAM 1 REVIEW EXAM WITH
CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS
LATEST ALREADY GRADED A+ 2025 – 2026
revenue is a(n) - ANSWERS-liability
expenses are a(n) - ANSWERS-liability
Going Concern Assumption is - ANSWERS-Assuming that a
business will stay in business after statements are made
T/F Expenses decrease retained earnings - ANSWERS-true
Retained Earnings= - ANSWERS-Beginning Retained Earnings
+ Net Income - Dividends
, 2 components of Stockholder's Equity are: - ANSWERS-
Common Stock + Retained Earnings
Due to interrelationships, statements must be completed in
this order - ANSWERS-1) INcome Statement 2)Retained
Earnings Statement 3) Balance Sheet
Factors of income statements include, - ANSWERS-lists of
revenue and expenses, cover a specific period of time, show
net income or net loss
Factors of Retained Earnings sheet include, - ANSWERS-
changes in retained earnings over a period of time, finds
new retained earning amount
Factors of Balance Sheet include, - ANSWERS-reports assets,
liabilities, and stockholder's equity. Assets must = liabilities
+ Stockholder's Equity. Prepared as of a specific date. ending
retained earnings not included on balance sheet
Internal Users - ANSWERS-people within the business who
use financial information - owners, managers, and
employees.
CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS
LATEST ALREADY GRADED A+ 2025 – 2026
revenue is a(n) - ANSWERS-liability
expenses are a(n) - ANSWERS-liability
Going Concern Assumption is - ANSWERS-Assuming that a
business will stay in business after statements are made
T/F Expenses decrease retained earnings - ANSWERS-true
Retained Earnings= - ANSWERS-Beginning Retained Earnings
+ Net Income - Dividends
, 2 components of Stockholder's Equity are: - ANSWERS-
Common Stock + Retained Earnings
Due to interrelationships, statements must be completed in
this order - ANSWERS-1) INcome Statement 2)Retained
Earnings Statement 3) Balance Sheet
Factors of income statements include, - ANSWERS-lists of
revenue and expenses, cover a specific period of time, show
net income or net loss
Factors of Retained Earnings sheet include, - ANSWERS-
changes in retained earnings over a period of time, finds
new retained earning amount
Factors of Balance Sheet include, - ANSWERS-reports assets,
liabilities, and stockholder's equity. Assets must = liabilities
+ Stockholder's Equity. Prepared as of a specific date. ending
retained earnings not included on balance sheet
Internal Users - ANSWERS-people within the business who
use financial information - owners, managers, and
employees.
