ACC 201 UPDATED ACTUAL Exam
Questions and CORRECT Answers
the basic accounting equation - CORRECT ANSWER -is referred to as the fundamental
model of business valuation
operating activities: - CORRECT ANSWER -paying advertising expenses, paying salaries
to employees, providing services to customers
the two sources of stockholders equity are amounts - CORRECT ANSWER -paid in from
shareholders, and earned by the corporation
accountants primary information related roles are to - CORRECT ANSWER -
communicate measurements of companies activities to others, measure companies activities
the purpose of a statement of cash flows is to provide information about the - CORRECT
ANSWER -cash receipts and cash disbursements during a period
the two external users of financial accounting information that contribute financial resources to a
company are - CORRECT ANSWER -creditors and investors
the financial statement that summarizes revenues and expenses for a period of time is the -
CORRECT ANSWER -income statement
revenue - CORRECT ANSWER -is the sale of goods of services to customers
three types of business activities of a company - CORRECT ANSWER -investing,
operating, financing activities
Questions and CORRECT Answers
the basic accounting equation - CORRECT ANSWER -is referred to as the fundamental
model of business valuation
operating activities: - CORRECT ANSWER -paying advertising expenses, paying salaries
to employees, providing services to customers
the two sources of stockholders equity are amounts - CORRECT ANSWER -paid in from
shareholders, and earned by the corporation
accountants primary information related roles are to - CORRECT ANSWER -
communicate measurements of companies activities to others, measure companies activities
the purpose of a statement of cash flows is to provide information about the - CORRECT
ANSWER -cash receipts and cash disbursements during a period
the two external users of financial accounting information that contribute financial resources to a
company are - CORRECT ANSWER -creditors and investors
the financial statement that summarizes revenues and expenses for a period of time is the -
CORRECT ANSWER -income statement
revenue - CORRECT ANSWER -is the sale of goods of services to customers
three types of business activities of a company - CORRECT ANSWER -investing,
operating, financing activities
