ACCT2101 Exam 1 ECU QUESTIONS WELL ANSWERED GRADED A+

ACCT2101 Exam 1 ECU QUESTIONS
WELL ANSWERED GRADED A+

interest payable - ANS ✔✔Liability, Balance Sheet



Rent Expense - ANS ✔✔Expense, Income Statement



Owner, Capital - ANS ✔✔equity, owner's equity



account receivable - ANS ✔✔Asset, Balance Sheet



Service Revenue - ANS ✔✔Revenue, Income Statement, Credit



Utilities Expense - ANS ✔✔Expense, Income Statement



Unearned Revenue - ANS ✔✔Liability, Balance Sheet



cash - ANS ✔✔Asset, Balance Sheet



Prepaid Rent - ANS ✔✔Asset, Balance Sheet



Owner Withdrawals - ANS ✔✔equity, owner's equity



equipment - ANS ✔✔Asset, Balance Sheet

, 3 line heading - ANS ✔✔name of company

type of transaction

date



statements flow - ANS ✔✔income statement

owner's equity

owner capital

balance sheet



net income calculation - ANS ✔✔Revenue - Expenses



Financial vs. Managerial Accounting - ANS ✔✔Financial = outside the firm

Managerial = inside the firm



Accounting Equation - ANS ✔✔Assets = Liabilities + Owner's Equity



Liabilities - ANS ✔✔what a company owes



Owner's Equity - ANS ✔✔the amount remaining after the value of all liabilities is subtracted
from the value of all assets



Who has claims on the assets? - ANS ✔✔the business



Asset Accounts - ANS ✔✔cash

accounts receivable

notes receivable