Chapter //
1- // /
Payroll
/ /
Fundamentals 2 Exam Questions With Correct Answers
/ // // // // // //
Accounting /
/cycle //- /
/CORRECT //ANSWERS(S)✔✔transaction //to //journals //to //ledger //to //financial //statements
General /
/ledger //- /
/CORRECT /
/ANSWERS(S)✔✔All /
/the /
/accounts /
/we /
/use /
/to /
/record /
/financial /
/transactions /
/form /
/an /
/organization's /
/General /
/Ledger. /
/The /
/purpose /
/of /
/the /
/General /
/Ledger /
/is /
,/to /
/keep /
/an /
/organized /
/record, /
/by /
/account, /
/of /
/the /
/organization's /
/financial //transactions //and //hold //information //required //to //prepare //financial //statements.
Accounting /
/equation //- /
/CORRECT /
/ANSWERS(S)✔✔The /
/foundation /
/of /
/accounting /
/revolves /
/around /
/the /
/accounting /
/equation, /
/which /
/dictates /
/how /
/business /
/transactions /
/are /
/recorded, /
/accounted //for, //and //used //to //determine //a //company's //financial //position //at //any //given //time
What /
/is /
, /the /
/accounting //equation //- //CORRECT //ANSWERS(S)✔✔Assets //= //Liabilities //+ //Owners' //Equity
Owners' /
/equity /
/has /
/two /
/components //- /
/CORRECT //ANSWERS(S)✔✔Owners' //Equity //= //Contributed //Capital //+ //Retained //Earnings
Contributed /
/capital //- /
/CORRECT //ANSWERS(S)✔✔the //investment //of //the //owners' //cash //or //assets //to //the //company
Retained /
/earnings //- /
/CORRECT /
/ANSWERS(S)✔✔the /
/accumulated //profits //to //date, //less //any //dividends //or //other //amounts //paid //to //investors
Expanded /
/accounting /
/equation //- /
/CORRECT //ANSWERS(S)✔✔Assets //= //Liabilities //+ //Contributed //Capital //+ //Retained //Earnings
Five /
/different /
/types /
/of /
/accounts //- /
/CORRECT /
/ANSWERS(S)✔✔Asset /
1- // /
Payroll
/ /
Fundamentals 2 Exam Questions With Correct Answers
/ // // // // // //
Accounting /
/cycle //- /
/CORRECT //ANSWERS(S)✔✔transaction //to //journals //to //ledger //to //financial //statements
General /
/ledger //- /
/CORRECT /
/ANSWERS(S)✔✔All /
/the /
/accounts /
/we /
/use /
/to /
/record /
/financial /
/transactions /
/form /
/an /
/organization's /
/General /
/Ledger. /
/The /
/purpose /
/of /
/the /
/General /
/Ledger /
/is /
,/to /
/keep /
/an /
/organized /
/record, /
/by /
/account, /
/of /
/the /
/organization's /
/financial //transactions //and //hold //information //required //to //prepare //financial //statements.
Accounting /
/equation //- /
/CORRECT /
/ANSWERS(S)✔✔The /
/foundation /
/of /
/accounting /
/revolves /
/around /
/the /
/accounting /
/equation, /
/which /
/dictates /
/how /
/business /
/transactions /
/are /
/recorded, /
/accounted //for, //and //used //to //determine //a //company's //financial //position //at //any //given //time
What /
/is /
, /the /
/accounting //equation //- //CORRECT //ANSWERS(S)✔✔Assets //= //Liabilities //+ //Owners' //Equity
Owners' /
/equity /
/has /
/two /
/components //- /
/CORRECT //ANSWERS(S)✔✔Owners' //Equity //= //Contributed //Capital //+ //Retained //Earnings
Contributed /
/capital //- /
/CORRECT //ANSWERS(S)✔✔the //investment //of //the //owners' //cash //or //assets //to //the //company
Retained /
/earnings //- /
/CORRECT /
/ANSWERS(S)✔✔the /
/accumulated //profits //to //date, //less //any //dividends //or //other //amounts //paid //to //investors
Expanded /
/accounting /
/equation //- /
/CORRECT //ANSWERS(S)✔✔Assets //= //Liabilities //+ //Contributed //Capital //+ //Retained //Earnings
Five /
/different /
/types /
/of /
/accounts //- /
/CORRECT /
/ANSWERS(S)✔✔Asset /
