ACCOUNTING CRASH COURSE EXAM 2026
TEST PAPER FULL QUESTIONS AND ANSWERS
VERIFIED STUDY GUIDE FINAL PREP 40
◉ Allocations.
Answer: Recognizing expenses by systematically assigning the cost
of an asset to periods of use
◉ American Institute of CPA's.
Answer: National association that serves the education and
professional interests of member of the public accounting
profession; membership is voluntary
◉ Annual Reports.
Answer: Document companies publish to provide information,
including financial statements, to stockholders
◉ Asset Exchange Transaction.
Answer: A transaction that decreases one asset and increases
another asset; total asset remain unchanged.
◉ Asset Source Transaction.
, Answer: A transaction that increases both an asset and a claim on
assets ; the three types of asset source transactions are aquisitions
from owners (equity), borrowing from creditors (liabilities), or
earnings from operations (revenues).
◉ Asset Use Transaction.
Answer: A transaction that decreases both an asset and a claim on
assets; 3 types are distributions, liability payments, or expenses
◉ Asset.
Answer: Economic resource used to produce revenue which is
expected to provide future benefit to the business
◉ Audits.
Answer: the verifying of facts or procedures
◉ Balance Sheet.
Answer: A financial statement that summarizes a company's assets,
liabilities and shareholders' equity at a specific point in time.
◉ Books of original entry.
Answer: A journal in which a transaction is first recorded.
TEST PAPER FULL QUESTIONS AND ANSWERS
VERIFIED STUDY GUIDE FINAL PREP 40
◉ Allocations.
Answer: Recognizing expenses by systematically assigning the cost
of an asset to periods of use
◉ American Institute of CPA's.
Answer: National association that serves the education and
professional interests of member of the public accounting
profession; membership is voluntary
◉ Annual Reports.
Answer: Document companies publish to provide information,
including financial statements, to stockholders
◉ Asset Exchange Transaction.
Answer: A transaction that decreases one asset and increases
another asset; total asset remain unchanged.
◉ Asset Source Transaction.
, Answer: A transaction that increases both an asset and a claim on
assets ; the three types of asset source transactions are aquisitions
from owners (equity), borrowing from creditors (liabilities), or
earnings from operations (revenues).
◉ Asset Use Transaction.
Answer: A transaction that decreases both an asset and a claim on
assets; 3 types are distributions, liability payments, or expenses
◉ Asset.
Answer: Economic resource used to produce revenue which is
expected to provide future benefit to the business
◉ Audits.
Answer: the verifying of facts or procedures
◉ Balance Sheet.
Answer: A financial statement that summarizes a company's assets,
liabilities and shareholders' equity at a specific point in time.
◉ Books of original entry.
Answer: A journal in which a transaction is first recorded.
