UCF ACG 2021 Exam 1 Review
Account - ANS-summary of the effects of all transactions related to a particular item over a
period of time.
Accounting Equation - ANS-equation that shows a company's resources (assets) equal
creditors' and owners' claims to those resources (liabilities
and stockholders' equity).
Accounts Payable - ANS-Promise to pay cash in the future to creditors when purchasing
supplies or materials.
Accounts Receivable - ANS-amounts the company expects to collect from customers based on
the delivery of service or products
Accrual-basis accounting - ANS-record revenue when we earn them and record expenses with
related expenses, regardless of when cash is received or paid.
Accumulated depreciation - ANS-cumulative amount of depreciation expensed against a
particular asset, such as a vehicle.
Adjusted trial balance - ANS-list of all accounts and their balances after we have updated
account balances for adjusting entries.
Adjusting entries - ANS-to record events that have occurred but that have not been recorded,
such recording insurance expense at the end of the month from a prepaid policy
Assets - ANS-resources owned by a company.
(Liabilities + Stockholders' Equity)
Auditors - ANS-trained individuals hired by a company as an independent party to express a
professional opinion of the accuracy of that company's financial statements. They play a major
role in investors' and creditors' decisions by adding credibility to a company's financial
statements.
Balance Sheet - ANS-a statement of the assets, liabilities, and capital of a business or other
organization at a particular point in time, detailing the balance of income and expenditure over
the preceding period.
(Assets = Liabilites + Stockholders' Equity)
Balance sheet - ANS-financial statement that presents the financial position of the company on
a particular date.
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