Download ACCT 1201 Chapters 1-3 Exam Questions And Answers and more Exams Advanced Accounting in PDF only on Docsity!
And Answers
Accounting Equation - correct answer ✅Assets = Liabilities + Equity Retained Earnings Equation - correct answer ✅Beginning RE + Net Income - Dividends = Ending RE Beg. RE: $2, Net income: + 975, Dividends: (1,500,000) Ending RE. = 2,012, Income Statement Equation - correct answer ✅Revenues - Expenses = Net Income Investments and accounts receivable are an (A, L, SE, R, or E) - correct answer ✅Assets Accounts, salaries or mortgages PAYABLE are... (A, L, SE, R, or E) - correct answer ✅Liabilities
And Answers
Owners investments, retained earnings, and salaries expense are... (A, L, SE, R, or E) - correct answer ✅Equity Provision for income tax, income tax expense, salaries expense are (A, L, SE, R, or E) - correct answer ✅Expenses Common shares and dividends are (A, L, SE, R, or E) - correct answer ✅Stockholders Equity Liability - correct answer ✅Obligation of a business Note payable - correct answer ✅When a company borrows money at a bank (Liability)
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Example: (Salaries/wages, taxes) Financial accounting - correct answer ✅Concerned with communication with outsiders Managerial Accounting - correct answer ✅accounting used to provide information and analyses to managers inside the organization to assist them in decision making Owner's Equity - correct answer ✅the owner's claims to the assets of the business Stockholders Equity - correct answer ✅The owners' equity in a corporation; The difference between a corporations assets and its obligations/liabilities
And Answers
Retained earnings - correct answer ✅An amount earned by a corporation and not yet distributed to stockholders. Net Income - correct answer ✅the difference between total revenue and total expenses when total revenue is greater (Profit/earnings) Statement of Retained Earnings - correct answer ✅The statement that summarizes the income earned and dividends paid over the life of a business Statement of Cash Flows - correct answer ✅A financial statement that provides financial information about the cash receipts and cash payments of a business for a specific period of time. GAAP - correct answer ✅Generally Accepted Accounting Principles.
And Answers
Current Liabilities - correct answer ✅liabilities due within a short time, usually within a year (Obligation that will be satisfied) capital stock - correct answer ✅indicates the owners' investment to a corporation *Single class of capital stock is COMMON STOCK Liquidity - correct answer ✅The ability of the company/ease with which an asset can be converted into cash single-step income statement - correct answer ✅an income statement in which all expenses are added together and subtracted from all revenues Multi-Step Income Statement - correct answer ✅Income statement format that contains subtotals to highlight significant relationships. In addition to net income, it reports gross profit and operating income.
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Profit margin - correct answer ✅net income/net sales T account - correct answer ✅An accounting device used to analyze transactions Current Ratio - correct answer ✅current assets DIVIDED by current liabilities earnings per share - correct answer ✅the amount of net income after federal income tax belonging to a single share of stock Earnings per share (EPS) Equation - correct answer ✅Net income divided by # of average common shares of stock outstanding Liabilities are recorded on which financial statement? - correct answer ✅Balance sheet
And Answers
Components of a Classified Balance Sheet - correct answer ✅assets (current & non-current property & equipment), liabilities (current & long-term), owner's equity Total assets=Liabilities+owners equity Unearned revenue is (A, L, SE, R, or E) - correct answer ✅Liability Dividends are (A, L, SE, R, or E) -
