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ACG 2021 Exam 1 Study Guide (1).
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ACG 2021 Exam 1 Study Guide (1).
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ACG 2021 Exam 1 Study GuideAccounting Cycle - ANS-Full set of procedures used to accomplish the
measurement/communication process of financial accounting.
Accounting Equation - ANS-an equation that shows a company's resources (assets) equal
creditors' and owners' claims to those resources (liabilities and stockholders' equity).
Generally accepted accounting principles (GAAP) - ANS-the rules of financial accounting
Major Categories - ANS-assets, liabilities, stockholders' equity, revenues, expenses
Assets - ANS-resources owned by a company.
Liabilities - ANS-amounts owed to creditors.
Stockholders' Equity - ANS-owners' claims to resources.
Revenues - ANS-the amounts earned from selling products or services to customers.
Expenses - ANS-the costs of providing products and services.
Business Transaction - ANS-An economic event that initiates the accounting process of
recording it in the company's accounting system.
Accounting Period - ANS-the specific time period (beginning and end) for which the accounts
are aggregated, balanced, and the financial statements are prepared.
Account - ANS-summary of the effects of all transactions related to a particular item over a
period of time.
Chart of accounts - ANS-a list of all account names used to record transactions of a company.
Financial Statements - ANS-periodic reports published by the company for the purpose of
providing information (communicate) to external users.
Income statement - ANS-a financial statement that reports the company's revenues and
expenses over an interval of time.
Statement of stockholders' equity - ANS-a financial statement that summarizes the changes in
stockholders' equity over an interval of time
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