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BUS 100 exam 2 Latest Update Exam | Questions and
Verified Answers | 100% Correct | Grade A +
Managerial Accounting - ANSWER marketing decisions with
people within the company
Financial Accounting - ANSWER prepares financial statements
for owners, creditors, and, suppliers
income statement - ANSWER the financial statement that
reports revenues, expenses and net income the resulted from a
firms operations over an accounting period
Revenue - ANSWER increases in a firms assets the regulated
from the sales of goods, provision of services, or other activities
intended to earn an income
Gross Profit - ANSWER difference between a firms revenue and
its cost of goods sold
operating expenses - ANSWER the cost of the firms incurs in the
regular operation of business
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taxable income - ANSWER refers to the base upon which an
income tax system imposes tax
balance sheet - ANSWER summarizes a firms financial position
at a specific point in time
assets - ANSWER resources owned by a firm
liabilites - ANSWER claims that outsiders have against a firms
assets
owners equity - ANSWER claims that owners have against their
firms assets
accounts payable - ANSWER money owed by a company to its
creditors
accounts receivable - ANSWER money owed to a company by its
debtors
BUS 100 exam 2 Latest Update Exam | Questions and
Verified Answers | 100% Correct | Grade A +
Managerial Accounting - ANSWER marketing decisions with
people within the company
Financial Accounting - ANSWER prepares financial statements
for owners, creditors, and, suppliers
income statement - ANSWER the financial statement that
reports revenues, expenses and net income the resulted from a
firms operations over an accounting period
Revenue - ANSWER increases in a firms assets the regulated
from the sales of goods, provision of services, or other activities
intended to earn an income
Gross Profit - ANSWER difference between a firms revenue and
its cost of goods sold
operating expenses - ANSWER the cost of the firms incurs in the
regular operation of business
, 2|Page
taxable income - ANSWER refers to the base upon which an
income tax system imposes tax
balance sheet - ANSWER summarizes a firms financial position
at a specific point in time
assets - ANSWER resources owned by a firm
liabilites - ANSWER claims that outsiders have against a firms
assets
owners equity - ANSWER claims that owners have against their
firms assets
accounts payable - ANSWER money owed by a company to its
creditors
accounts receivable - ANSWER money owed to a company by its
debtors
