UIUC ACCY 201 TEST QUESTIONS AND CORRECT ANSWERS LATEST
UPDATED
Accounting is the process of keeping track of a business's activities and
informing decision-makers of them.
assets—a company's ANSWER resources
A balance sheet is a financial document that shows a company's financial status
as of a specific date.
A corporation is a business that is legally distinct from its owners.
Dividends are cash payments made to stockholders.
Expenses: Describe the costs associated with delivering goods and services.
Financial accounting: Complete, impartial, and error-free ANSWER
accounting data
Financial statements: ANSWER reports that the firm publishes on a regular
basis to notify external users
GAAP: ANSWER the financial accounting rules
Income Statement: Response A financial statement that details a business's
earnings and outlays over time
Liabilities: Amounts owing to creditors in response
The difference between sales and expenses is known as net income.
Retained profits are the total amount of net income made during the company's
existence that hasn't been paid out as dividends to shareholders.
Revenues are the sums of money that are recorded when a business sells goods
or services to clients.
UPDATED
Accounting is the process of keeping track of a business's activities and
informing decision-makers of them.
assets—a company's ANSWER resources
A balance sheet is a financial document that shows a company's financial status
as of a specific date.
A corporation is a business that is legally distinct from its owners.
Dividends are cash payments made to stockholders.
Expenses: Describe the costs associated with delivering goods and services.
Financial accounting: Complete, impartial, and error-free ANSWER
accounting data
Financial statements: ANSWER reports that the firm publishes on a regular
basis to notify external users
GAAP: ANSWER the financial accounting rules
Income Statement: Response A financial statement that details a business's
earnings and outlays over time
Liabilities: Amounts owing to creditors in response
The difference between sales and expenses is known as net income.
Retained profits are the total amount of net income made during the company's
existence that hasn't been paid out as dividends to shareholders.
Revenues are the sums of money that are recorded when a business sells goods
or services to clients.
