Accounting 110 final Exam 2025
Questions and Answers
Assets - ANSWER✔️✔️-Resources owned by a business and what a business uses to generate
revenue.
Liabilities - ANSWER✔️✔️-Obligations a business owes.
Retained Earnings - ANSWER✔️✔️-Amount of profit a company has left over or earnings a
company has maintained over the years.
Financial Accounting - ANSWER✔️✔️-Focus on external users, summarizes the past, standards to
follow, and financial statements.
Managerial Accounting - ANSWER✔️✔️-Focus on internal users, emphasis on future decisions,
and no standards.
Investors - ANSWER✔️✔️-Provides financial resources in exchange for ownership interest in
business.
Creditors - ANSWER✔️✔️-Lend financial resources to a business with expectation of repayment
plus interest.
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, Revenue - ANSWER✔️✔️-Money generated from normal business operations
Expense - ANSWER✔️✔️-Money disbursed for normal business operations
Dividend (distribution) - ANSWER✔️✔️-Distribution of assets (cash) generated through earnings.
C&C borrowed money to be able to purchase a new piece of equipment. What type of business
activity would the borrowing of money be classified as? - ANSWER✔️✔️-Financing
What form of business is for two or more individuals and they share the risks and rewards of the
business? - ANSWER✔️✔️-Partnership
C&C generates revenue from different sources: sales revenue, bar revenue, and event space revenue.
All of these types of revenue are considered what type of business activity? - ANSWER✔️✔️-
Operating
Grade: 0.5 out of 0.5 points possible
C&C decided they needed more space and purchased a new building to house their retail space.
What type of business activity does that describe? - ANSWER✔️✔️-Investing
Paid cash to purchase land is what type of business activity? - ANSWER✔️✔️-Investing
Acquired cash from owners is what type of business activity? - ANSWER✔️✔️-Financing
C&C pays their production workers every two weeks. This would be considered what type of
business activity? - ANSWER✔️✔️-Operating
All of the following are characteristics of a corporation except:
Separate legal entity
FOR STUDY PURPOSES ONLY COPYRIGHT © 2025 ALL RIGHTS RESERVED 2
Questions and Answers
Assets - ANSWER✔️✔️-Resources owned by a business and what a business uses to generate
revenue.
Liabilities - ANSWER✔️✔️-Obligations a business owes.
Retained Earnings - ANSWER✔️✔️-Amount of profit a company has left over or earnings a
company has maintained over the years.
Financial Accounting - ANSWER✔️✔️-Focus on external users, summarizes the past, standards to
follow, and financial statements.
Managerial Accounting - ANSWER✔️✔️-Focus on internal users, emphasis on future decisions,
and no standards.
Investors - ANSWER✔️✔️-Provides financial resources in exchange for ownership interest in
business.
Creditors - ANSWER✔️✔️-Lend financial resources to a business with expectation of repayment
plus interest.
8
FOR STUDY PURPOSES ONLY COPYRIGHT © 2025 ALL RIGHTS RESERVED 1
, Revenue - ANSWER✔️✔️-Money generated from normal business operations
Expense - ANSWER✔️✔️-Money disbursed for normal business operations
Dividend (distribution) - ANSWER✔️✔️-Distribution of assets (cash) generated through earnings.
C&C borrowed money to be able to purchase a new piece of equipment. What type of business
activity would the borrowing of money be classified as? - ANSWER✔️✔️-Financing
What form of business is for two or more individuals and they share the risks and rewards of the
business? - ANSWER✔️✔️-Partnership
C&C generates revenue from different sources: sales revenue, bar revenue, and event space revenue.
All of these types of revenue are considered what type of business activity? - ANSWER✔️✔️-
Operating
Grade: 0.5 out of 0.5 points possible
C&C decided they needed more space and purchased a new building to house their retail space.
What type of business activity does that describe? - ANSWER✔️✔️-Investing
Paid cash to purchase land is what type of business activity? - ANSWER✔️✔️-Investing
Acquired cash from owners is what type of business activity? - ANSWER✔️✔️-Financing
C&C pays their production workers every two weeks. This would be considered what type of
business activity? - ANSWER✔️✔️-Operating
All of the following are characteristics of a corporation except:
Separate legal entity
FOR STUDY PURPOSES ONLY COPYRIGHT © 2025 ALL RIGHTS RESERVED 2
