ACCT 2101 FINAL EXAM STUDY GUIDE
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questions with answers |\ |\
Retained Earnings Statement - CORRECT ANSWERS ✔✔A
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financial statement that summarizes the amounts and
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causes of changes in retained earnings for a specific time
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period.
Retained Earnings Equation - CORRECT ANSWERS
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✔✔Beginning Retained Earnings + Net Income - Dividends |\ |\ |\ |\ |\ |\ |\
= Ending Retained Earnings
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Property, plant, and equipment (PP&E) - CORRECT
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ANSWERS ✔✔assets with relatively long useful lives that
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are currently used in operating the business. For example,
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buildings, factories, automobiles, etc.
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Assets - CORRECT ANSWERS ✔✔money and other
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valuables belonging to an individual or business
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Liabilities - CORRECT ANSWERS ✔✔Amounts owed to
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creditors
, Stockholders' Equity - CORRECT ANSWERS ✔✔-The |\ |\ |\ |\ |\ |\
owners claim to the assets
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-Common stock and Retained earnings |\ |\ |\ |\
Total Stockholders Equity equation - CORRECT ANSWERS
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✔✔(total contributed capital + total retained earnings) -
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treasury stock |\
Accounting Equation - CORRECT ANSWERS ✔✔An |\ |\ |\ |\ |\ |\
equation showing the relationship among assets,
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liabilities, and owner's equity |\ |\ |\
assets= liabilities + stockholders equity
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Book Value (Depreciation) - CORRECT ANSWERS ✔✔an
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asset's original cost, less any accumulated depreciation
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and impairment charges that have been subsequently
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incurred
Straight Line Depreciation Formula - CORRECT ANSWERS
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✔✔(cost - salvage value) / useful life
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Adjusting Entries - CORRECT ANSWERS ✔✔Entries made
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at the end of an accounting period to ensure that the
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questions with answers |\ |\
Retained Earnings Statement - CORRECT ANSWERS ✔✔A
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financial statement that summarizes the amounts and
|\ |\ |\ |\ |\ |\ |\
causes of changes in retained earnings for a specific time
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period.
Retained Earnings Equation - CORRECT ANSWERS
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✔✔Beginning Retained Earnings + Net Income - Dividends |\ |\ |\ |\ |\ |\ |\
= Ending Retained Earnings
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Property, plant, and equipment (PP&E) - CORRECT
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ANSWERS ✔✔assets with relatively long useful lives that
|\ |\ |\ |\ |\ |\ |\ |\
are currently used in operating the business. For example,
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buildings, factories, automobiles, etc.
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Assets - CORRECT ANSWERS ✔✔money and other
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valuables belonging to an individual or business
|\ |\ |\ |\ |\ |\
Liabilities - CORRECT ANSWERS ✔✔Amounts owed to
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creditors
, Stockholders' Equity - CORRECT ANSWERS ✔✔-The |\ |\ |\ |\ |\ |\
owners claim to the assets
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-Common stock and Retained earnings |\ |\ |\ |\
Total Stockholders Equity equation - CORRECT ANSWERS
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✔✔(total contributed capital + total retained earnings) -
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treasury stock |\
Accounting Equation - CORRECT ANSWERS ✔✔An |\ |\ |\ |\ |\ |\
equation showing the relationship among assets,
|\ |\ |\ |\ |\ |\
liabilities, and owner's equity |\ |\ |\
assets= liabilities + stockholders equity
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Book Value (Depreciation) - CORRECT ANSWERS ✔✔an
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asset's original cost, less any accumulated depreciation
|\ |\ |\ |\ |\ |\ |\
and impairment charges that have been subsequently
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incurred
Straight Line Depreciation Formula - CORRECT ANSWERS
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✔✔(cost - salvage value) / useful life
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Adjusting Entries - CORRECT ANSWERS ✔✔Entries made
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at the end of an accounting period to ensure that the
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