ACC 201 Exam Study Guide | Questions with
100% Correct Solutions
an adjusted trial balance - Answer is a list of all accounts and their balances after
adjusting entries
intangible assets - Answer patents, copyrights, franchises, and trademarks
corporation - Answer the form of business organization that is legally separate from its
owners
balance sheet - Answer the financial statement that represents activity over the entire
life of the company
income statement - Answer reports the company's revenues and expenses over an
interval of time
statement of stock holders equity - Answer the statement that summarizes the changes
in stockholders equity over an interval of time
common stock - Answer amount invested by stockholders
retained earnings - Answer cumulative amount of net income prior to dividends
distribution
balance sheet - Answer the statement that present the financial position of the
company on a particular date
, cash - Answer "real money" the most liquid resource that you can use to make
purchases
accounts receivable - Answer money the company expects to receive in the future from
customers
supplies - Answer consumable resources for main operationg
equipment - Answer durable, long-term resources for providing products/services to
customers
accounts payable - Answer money the company owes to regular vendors
notes payable - Answer borrowing
salaries, utilities, interest, etc. payable - Answer amounts that must be paid for the
respective item
operating cash flows - Answer include transactions involving revenue and expense
activities of a company
investing activities - Answer include purchase and sale of long term assets
financing activities - Answer include transactions with stockholders and creditors
accrual-basis accounting - Answer helps measure and report revenues and expenses in a
way the clearly reflects the ability of a company to create value for its stockholders
100% Correct Solutions
an adjusted trial balance - Answer is a list of all accounts and their balances after
adjusting entries
intangible assets - Answer patents, copyrights, franchises, and trademarks
corporation - Answer the form of business organization that is legally separate from its
owners
balance sheet - Answer the financial statement that represents activity over the entire
life of the company
income statement - Answer reports the company's revenues and expenses over an
interval of time
statement of stock holders equity - Answer the statement that summarizes the changes
in stockholders equity over an interval of time
common stock - Answer amount invested by stockholders
retained earnings - Answer cumulative amount of net income prior to dividends
distribution
balance sheet - Answer the statement that present the financial position of the
company on a particular date
, cash - Answer "real money" the most liquid resource that you can use to make
purchases
accounts receivable - Answer money the company expects to receive in the future from
customers
supplies - Answer consumable resources for main operationg
equipment - Answer durable, long-term resources for providing products/services to
customers
accounts payable - Answer money the company owes to regular vendors
notes payable - Answer borrowing
salaries, utilities, interest, etc. payable - Answer amounts that must be paid for the
respective item
operating cash flows - Answer include transactions involving revenue and expense
activities of a company
investing activities - Answer include purchase and sale of long term assets
financing activities - Answer include transactions with stockholders and creditors
accrual-basis accounting - Answer helps measure and report revenues and expenses in a
way the clearly reflects the ability of a company to create value for its stockholders
