MGA 201 QUIZ #1 {LATEST 2026 -2027
update} QUESTIONS AND ANSWERS 100%
CORRECT
Directors - correct answer is the short title for the members of a company's board of
directors. The stockholders of public companies or large private companies elect
directors to oversee the company's managers. Directors use financial statements to
ensure the company's managers make decisions that are in the best financial interests
of its stockholders.
Government - correct answer agencies look closely at companies financial
statements.
Basic accounting equation - correct answer assets = liabilities + stockholders' equity
, Separate entity assumption - correct answer the separation between stockholders and
business
Asset - correct answer is an economic resource presentably controlled by the
company; it has measurable value and is expected to benefit the company by producing
cash inflows or reducing cash outflows in the future
Liabilities - correct answer are measurable amounts the company owes to creditors
Stockholders' equity - correct answer represents the owners claims on the business
Paid-in capital - correct answer the owners have a claim on amounts they contributed
directly to the company in exchange for its stock (common stock)
update} QUESTIONS AND ANSWERS 100%
CORRECT
Directors - correct answer is the short title for the members of a company's board of
directors. The stockholders of public companies or large private companies elect
directors to oversee the company's managers. Directors use financial statements to
ensure the company's managers make decisions that are in the best financial interests
of its stockholders.
Government - correct answer agencies look closely at companies financial
statements.
Basic accounting equation - correct answer assets = liabilities + stockholders' equity
, Separate entity assumption - correct answer the separation between stockholders and
business
Asset - correct answer is an economic resource presentably controlled by the
company; it has measurable value and is expected to benefit the company by producing
cash inflows or reducing cash outflows in the future
Liabilities - correct answer are measurable amounts the company owes to creditors
Stockholders' equity - correct answer represents the owners claims on the business
Paid-in capital - correct answer the owners have a claim on amounts they contributed
directly to the company in exchange for its stock (common stock)
