Accounting Final Misc Exam Questions & Answers
(1)
Account - ANSWER-Record within an accounting system in which increases and decreases are entered and stored in a specific asset, liability, equity, revenue, or expense. (p. 51)
(1)
Accounting - ANSWER-Information and measurement system th...
Accounting Final Misc Exam Questions
& Answers
(1)
Account - ANSWER-Record within an accounting system in which increases and decreases are entered
and stored in a specific asset, liability, equity, revenue, or expense. (p. 51)
(1)
Accounting - ANSWER-Information and measurement system that identifies, records, and communicates
relevant information about a company's business activities. (p. 4)
(1)
Accounting Equation - ANSWER-Equality involving a company's assets, liabilities, and equity; Assets =
Liabilities + Equity; also called balance sheet equation. (p. 14)
(1)
Accrual basis accounting - ANSWER-Accounting system that recognizes revenues when earned and
expenses when incurred; the basis for GAAP. (p. 95)
Adjusted trial balance - ANSWER-List of accounts and balances prepared after period-end adjustments
are recorded and posted. (p. 106)
Adjusting Entry - ANSWER-Journal entry at the end of an accounting period to bring an asset or liability
account to its proper amount and update the related expense or revenue account. (p. 96)
(1)
Assets - ANSWER-Resources a business owns or controls that are expected to provide current and future
benefits to the business. (p. 14)
(1)
, Balance Sheet - ANSWER-Financial statement that lists types and dollar amounts of assets, liabilities, and
equity at a specific date. (p. 19)
Bank Reconciliation - ANSWER-Report that explains the difference between the book (company) balance
of cash and the cash balance reported on the bank statement. (p. 263)
Bank Statement - ANSWER-Bank report on the depositor's beginning and ending cash balances, and a
listing of its changes, for a period. (p. 262)
Budget - ANSWER-Formal statement of future plans, usually expressed in monetary terms. (p. 836)
Budget Report - ANSWER-Report comparing actual results to planned objectives; sometimes used as a
progress report. (p. 880)
Budgeted Balance Sheet - ANSWER-Accounting report that presents predicted amounts of the company's
assets, liabilities, and equity balances as of the end of the budget period. (p. 848)
Budgeted Income Statement - ANSWER-Accounting report that presents predicted amounts of the
company's revenues and expenses for the budget period. (p. 848)
Budgeting - ANSWER-Process of planning future business actions and expressing them as formal plans.
(p. 836)
Capital Budgeting - ANSWER-Process of analyzing alternative investments and deciding which assets to
acquire or sell. (p. 998)
Capital Expenditures - ANSWER-Additional costs of plant assets that provide material benefits extending
beyond the current period; also called balance sheet expenditures. (p. 336)
Capital Expenditures Budget - ANSWER-Plan that lists dollar amounts to be both received from disposal
of plant assets and spent to purchase plant assets. (p. 846)
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