8/14/25, 11:59 PM UTA Entrance Accounting EXAM Questions & Answers | 100% Verified solutions | 2025\2026 Latest!! Flashcards | Quizlet
UTA Entrance Accounting EXAM Questions &
Answers | 100% Verified solutions | 2025\2026
Latest!!
Save
Terms in this set (96)
If net income after tax is $186,000
$42,000, the tax rate is
30%, and total expenses Find what the net income was before taxes and add it
not including tax expense to expenses to get the total revenue.
are $126,000, revenues
must be:
The financial statement balance sheet
that reports what the
company owns and what The balance sheet shows assets, liabilities, and equity
the company owes is the which show what is owned and what is owed.
What is supposed to assets = liabilities + owner's equity
"balance" on the balance
sheet?
The purpose of financial financial information to external users
accounting is to provide
The accounting equation assets = liabilities + equity
is
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,8/14/25, 11:59 PM UTA Entrance Accounting EXAM Questions & Answers | 100% Verified solutions | 2025\2026 Latest!! Flashcards | Quizlet
Which financial statement income statement
provides information
related to the financial The income statement reports earning for a company
performance of a during a specific time period.
company during a specific
period?
A company reports net services provided are greater than the cost to provide
income when the services
Which of the following is cost of goods sold
considered and expense?
prepaid expense
cost of goods sold
sales
building
The government agency securities exchange commission (SEC)
with legal authority over
financial reporting of U.S. FASB has no legal authority
public companies is called
statement of owners equity
Which financial statement
reports dividends paid to Dividends are not reported on the income statement,
shareholders? it is not an expense. They are netted into retained
earnings on the balance sheet.
assets typically include accounts receivable and equipment
What financial document cash flow statement
is for the specific purpose
of reporting cash flows?
Which statement provides income statement
information on goods and
services provided to Providing goods and services to customers is
customers? revenues which is only on the income statement.
Liabilities are obligations resulting from past transactions
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, 8/14/25, 11:59 PM UTA Entrance Accounting EXAM Questions & Answers | 100% Verified solutions | 2025\2026 Latest!! Flashcards | Quizlet
the company owns it
Prepaid expenses is an the company has paid ahead and therefore has future
asset because benefit
a past transaction has occurred
Economic resources is the assets
technical term for
An examination of an audit
accounting records to
determine if the records
and reports are in
accordance with generally
accepted accounting
standards is called
revenues
What increases retained
earnings?
retained earnings is increased by net income.
Which financial statement balance sheet
reports what the company
owes suppliers?
Which of the following is sales
not a liability?
unearned revenues
accounts payable
taxes payable
sales
The purpose of Financial record, summarize, and report transactions of the
Accounting is to: (3) company
4 primary financial balance sheet, income statement, statement of
statements stockholder's equity, and statement of cash flows
States what your business owns (assets) and owes
Balance Sheet (liabilities) on a specific date. Assets minus liabilities is
the amount owed.
https://quizlet.com/1065808066/uta-entrance-accounting-exam-questions-answers-100-verified-solutions-20252026-latest-flash-cards/?new 3/17
UTA Entrance Accounting EXAM Questions &
Answers | 100% Verified solutions | 2025\2026
Latest!!
Save
Terms in this set (96)
If net income after tax is $186,000
$42,000, the tax rate is
30%, and total expenses Find what the net income was before taxes and add it
not including tax expense to expenses to get the total revenue.
are $126,000, revenues
must be:
The financial statement balance sheet
that reports what the
company owns and what The balance sheet shows assets, liabilities, and equity
the company owes is the which show what is owned and what is owed.
What is supposed to assets = liabilities + owner's equity
"balance" on the balance
sheet?
The purpose of financial financial information to external users
accounting is to provide
The accounting equation assets = liabilities + equity
is
https://quizlet.com/1065808066/uta-entrance-accounting-exam-questions-answers-100-verified-solutions-20252026-latest-flash-cards/?new 1/17
,8/14/25, 11:59 PM UTA Entrance Accounting EXAM Questions & Answers | 100% Verified solutions | 2025\2026 Latest!! Flashcards | Quizlet
Which financial statement income statement
provides information
related to the financial The income statement reports earning for a company
performance of a during a specific time period.
company during a specific
period?
A company reports net services provided are greater than the cost to provide
income when the services
Which of the following is cost of goods sold
considered and expense?
prepaid expense
cost of goods sold
sales
building
The government agency securities exchange commission (SEC)
with legal authority over
financial reporting of U.S. FASB has no legal authority
public companies is called
statement of owners equity
Which financial statement
reports dividends paid to Dividends are not reported on the income statement,
shareholders? it is not an expense. They are netted into retained
earnings on the balance sheet.
assets typically include accounts receivable and equipment
What financial document cash flow statement
is for the specific purpose
of reporting cash flows?
Which statement provides income statement
information on goods and
services provided to Providing goods and services to customers is
customers? revenues which is only on the income statement.
Liabilities are obligations resulting from past transactions
https://quizlet.com/1065808066/uta-entrance-accounting-exam-questions-answers-100-verified-solutions-20252026-latest-flash-cards/?new 2/17
, 8/14/25, 11:59 PM UTA Entrance Accounting EXAM Questions & Answers | 100% Verified solutions | 2025\2026 Latest!! Flashcards | Quizlet
the company owns it
Prepaid expenses is an the company has paid ahead and therefore has future
asset because benefit
a past transaction has occurred
Economic resources is the assets
technical term for
An examination of an audit
accounting records to
determine if the records
and reports are in
accordance with generally
accepted accounting
standards is called
revenues
What increases retained
earnings?
retained earnings is increased by net income.
Which financial statement balance sheet
reports what the company
owes suppliers?
Which of the following is sales
not a liability?
unearned revenues
accounts payable
taxes payable
sales
The purpose of Financial record, summarize, and report transactions of the
Accounting is to: (3) company
4 primary financial balance sheet, income statement, statement of
statements stockholder's equity, and statement of cash flows
States what your business owns (assets) and owes
Balance Sheet (liabilities) on a specific date. Assets minus liabilities is
the amount owed.
https://quizlet.com/1065808066/uta-entrance-accounting-exam-questions-answers-100-verified-solutions-20252026-latest-flash-cards/?new 3/17
