MGMT 200 Exam 1 Purdue questions with answers

MGMT 200 Exam 1 Purdue questions with |\ |\ |\ |\ |\ |\ |\




answers

Assets - CORRECT ANSWERS ✔✔Debit(+) Credit(-),
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resources


Liability - CORRECT ANSWERS ✔✔Debit(-) Credit(+),
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creditors claims |\




Equity - CORRECT ANSWERS ✔✔Debit(-) Credit(+),
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owners claims |\




Normal Balance Equation - CORRECT ANSWERS ✔✔Assets
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= Liability + Equity
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Net income - CORRECT ANSWERS ✔✔(profit) = Revenues
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- Expenses
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Revenues - CORRECT ANSWERS ✔✔Sales of products or
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services to customers |\ |\




Expenses - CORRECT ANSWERS ✔✔Costs of selling |\ |\ |\ |\ |\ |\ |\



products or services |\ |\

, Dividends - CORRECT ANSWERS ✔✔Distribution of profit
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to stockholders
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Financing Activities - CORRECT ANSWERS ✔✔transactions
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the company has with investors and creditors (for
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borrowed money) |\




Investing Activities - CORRECT ANSWERS ✔✔Transactions
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involving the purchase and sale of resources that provide
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benefit for several years
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Operating Activities - CORRECT ANSWERS ✔✔transactions
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that relate to the primary operations of the company
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Financial Reports - CORRECT ANSWERS ✔✔1. Balance
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Sheet
2. Income Statement
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3. Statement of changes in equity
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4. Statement of cash flows
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Storage Units - CORRECT ANSWERS ✔✔Classification as
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assets, liabilities, equity, revenues and expenses
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