Study guides, Class notes & Summaries

Accounting 101 Exam CH 1-4 Questions & Answers 2023/2024 Accounting Equation - ANSWER-Assets= Liabilities + stockholder's equity Assets - ANSWER-Resources owned by company Liabilities - ANSWER-Rights of the creditors or amounts owed to creditors Equity - ANSWER-Rights of the owner AED - ANSWER-Assets, Expenses, Dividends = Normal debit balance and increase on the debit side LER - ANSWER-Liabilities, Equity, Revenue = Normal credit balances and increase on the credit side A...

Ivy Tech Accounting 101 Final Exam Study Guide Questions With Verified Solutions What is the primary responsibility of FASB? - answerDeveloping GAAP What is the accounting equation? - answerAssets=Liability+Equity What is the definition of revenue? - answerMoney earned from providing a product or service Is CoGS an expense? - answerYes What is the primary objective of financial reporting? - answerTo provide info for decision making What accounts are on the balance sheet? - answerAssets,...

Retained earnings statementthe financial statement that summarizes the changes in retained earning for a specific period of time The company's policy toward dividends and growth could best be determined by examining this Liabilitiesdebt and obligations of a business are referred Net income results whenrevenues > expenses Retained earnings at the end of the period is equal toretained earnings at the beginning of the period plus net income minus dividends

Equity What Shareholders own Asset Anything of value that is owned Liability an amount owed Balance Sheet Statement showing a point in time Revenue incoming money Expense Money spent

A. Tangible assets used in the operation of a business that have a useful life of more than one accounting period 66. Plant assets are: A. Tangible assets used in the operation of a business that have a useful life of more than one accounting period. B. Current assets. C. Held for sale. D. Intangible assets used in the operations of a business that have a useful life of more than one accounting period. E. Tangible assets used in the operation of business that have a useful life of le...

AccountA record that summarizes all the transactions pertaining to a single item in the accounting equation. Account balanceThe difference between the increases and decreases in an account. Account numberThe number assigned to an account. Account titleThe name given to an account. AccountingThe process of planning, recording, analyzing, and interpreting financial information. Accounting clerkAn accounting worker who processes routine details about accounting transaction

A. Tangible assets used in the operation of a business that have a useful life of more than one accounting period 66. Plant assets are: A. Tangible assets used in the operation of a business that have a useful life of more than one accounting period. B. Current assets. C. Held for sale. D. Intangible assets used in the operations of a business that have a useful life of more than one accounting period. E. Tangible assets used in the operation of business that have a useful life of le...

Retained earnings statementthe financial statement that summarizes the changes in retained earning for a specific period of time The company's policy toward dividends and growth could best be determined by examining this Liabilitiesdebt and obligations of a business are referred Net income results whenrevenues > expenses Retained earnings at the end of the period is equal toretained earnings at the beginning of the period plus net income minus dividends

AccountA record that summarizes all the transactions pertaining to a single item in the accounting equation. Account balanceThe difference between the increases and decreases in an account. Account numberThe number assigned to an account. Account titleThe name given to an account. AccountingThe process of planning, recording, analyzing, and interpreting financial information. Accounting clerkAn accounting worker who processes routine details about accounting transactions.

Equity What Shareholders own Asset Anything of value that is owned Liability an amount owed Balance Sheet Statement showing a point in time Revenue incoming money Expense Money spen

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