ACCT 201A Final Exam Review CSUF
Questions and Answers (Most Recent
Version, Complete Study Material)
Definition that best describes financial accounting? - Correct
Answers ✅Measuring a company's business activities and
communicating those measurements to external parties.
The primary function(s) of financial accounting is(are) to: -
Correct Answers ✅Measure business activities of a
company and communicate information about business
activities to outside users.
Financial accounting provides information primarily to -
Correct Answers ✅Investors and creditors
What represents a resource of the company? - Correct
Answers ✅An asset
What represents an obligation of the company? - Correct
Answers ✅A liability
What describes the cost of selling to customers? - Correct
Answers ✅Expenses
fundamental accounting equation? - Correct Answers
✅Assets = Liabilities + Owner's Equity
, ACCT 201A Final Exam Review CSUF
Questions and Answers (Most Recent
Version, Complete Study Material)
Expenses represent: - Correct Answers ✅Costs of providing
products or services to customers.
Amounts owed to creditors are reported as - Correct
Answers ✅liabilities
In which financial statement does a company report its
revenues? - Correct Answers ✅Income Statement
The financial statement that shows the financial position of a
company at a specific point in time is called the - Correct
Answers ✅Balance Sheet
Which financial statement shows a company's revenues and
expenses? - Correct Answers ✅Income Statement
The balance in retained earnings represents: - Correct
Answers ✅The amount of income earned over the
company's life minus the dividends paid to shareholders over
the company's life.
Who ultimately is responsible for properly applying GAAP?
The company's: - Correct Answers ✅Management
Questions and Answers (Most Recent
Version, Complete Study Material)
Definition that best describes financial accounting? - Correct
Answers ✅Measuring a company's business activities and
communicating those measurements to external parties.
The primary function(s) of financial accounting is(are) to: -
Correct Answers ✅Measure business activities of a
company and communicate information about business
activities to outside users.
Financial accounting provides information primarily to -
Correct Answers ✅Investors and creditors
What represents a resource of the company? - Correct
Answers ✅An asset
What represents an obligation of the company? - Correct
Answers ✅A liability
What describes the cost of selling to customers? - Correct
Answers ✅Expenses
fundamental accounting equation? - Correct Answers
✅Assets = Liabilities + Owner's Equity
, ACCT 201A Final Exam Review CSUF
Questions and Answers (Most Recent
Version, Complete Study Material)
Expenses represent: - Correct Answers ✅Costs of providing
products or services to customers.
Amounts owed to creditors are reported as - Correct
Answers ✅liabilities
In which financial statement does a company report its
revenues? - Correct Answers ✅Income Statement
The financial statement that shows the financial position of a
company at a specific point in time is called the - Correct
Answers ✅Balance Sheet
Which financial statement shows a company's revenues and
expenses? - Correct Answers ✅Income Statement
The balance in retained earnings represents: - Correct
Answers ✅The amount of income earned over the
company's life minus the dividends paid to shareholders over
the company's life.
Who ultimately is responsible for properly applying GAAP?
The company's: - Correct Answers ✅Management
