ACCT 200 TEST BANK 2026 EXAM REVIEW
WITH SOLVED QUESTIONS GRADED A+
◉ liabilites. Answer: the creditor's claims to the assets of the business
◉ Stockholders' Equity. Answer: The owners' claims against total assets.
◉ Revenues. Answer: The increases in assets or decreases in liabilities
resulting from the sale of goods or the performance of services in the
normal course of business.
◉ expense. Answer: cost necessary to generate revenue
◉ what the accounting equation. Answer: assest=liability+equity
◉ a __________ provides all accounts and the numbers that identify
their location in the ledger. Answer: chart of accounts
◉ What does an Income Statement show?. Answer: Profitability from
operations over a period of time
, ◉ What can the result of an Income Statement be?. Answer: Net income
or net loss
◉ revenue and expenses relate to _________ business operations on a
income statement?. Answer: primary
◉ gains and losses relate to _____________ business operations.
Answer: non-primary
◉ retained earnings. Answer: shows changes in retained earnings over a
period of time
◉ What does a balance sheet show?. Answer: A company's resources
(assets) and claims to resources (liabilities and stockholders equity) on a
specific date.
◉ What are the two main components of a balance sheet?. Answer:
Assets and claims to resources (liabilities and stockholders equity).
◉ What does 'assets' refer to in a balance sheet?. Answer: A company's
resources.
◉ What does 'liabilities' refer to in a balance sheet?. Answer: Claims
against a company's resources.
WITH SOLVED QUESTIONS GRADED A+
◉ liabilites. Answer: the creditor's claims to the assets of the business
◉ Stockholders' Equity. Answer: The owners' claims against total assets.
◉ Revenues. Answer: The increases in assets or decreases in liabilities
resulting from the sale of goods or the performance of services in the
normal course of business.
◉ expense. Answer: cost necessary to generate revenue
◉ what the accounting equation. Answer: assest=liability+equity
◉ a __________ provides all accounts and the numbers that identify
their location in the ledger. Answer: chart of accounts
◉ What does an Income Statement show?. Answer: Profitability from
operations over a period of time
, ◉ What can the result of an Income Statement be?. Answer: Net income
or net loss
◉ revenue and expenses relate to _________ business operations on a
income statement?. Answer: primary
◉ gains and losses relate to _____________ business operations.
Answer: non-primary
◉ retained earnings. Answer: shows changes in retained earnings over a
period of time
◉ What does a balance sheet show?. Answer: A company's resources
(assets) and claims to resources (liabilities and stockholders equity) on a
specific date.
◉ What are the two main components of a balance sheet?. Answer:
Assets and claims to resources (liabilities and stockholders equity).
◉ What does 'assets' refer to in a balance sheet?. Answer: A company's
resources.
◉ What does 'liabilities' refer to in a balance sheet?. Answer: Claims
against a company's resources.
