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Peregrine Accounting And Finance Questions And Answers With Verified Solutions Already Passed!!!
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Peregrine Accounting And Finance Questions And Answers With Verified Solutions Already Passed!!!
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Peregrine Accounting And FinanceQuestions And Answers With Verified
Solutions Already Passed!!!
Which financial statement reports the revenues and expenses for a period of time
such as year or a month? - ANSWER✔✔ Income Statement
Which financial statement reports the assets, liabilities, and stockholders'
(owner's) equity at a specific date? - ANSWER✔✔ Balance sheet
Under the accrual basis of accounting, revenues are reported in the accounting
period when which of the following occurs? - ANSWER✔✔ Services or gods have
been delivered
Under the accrual basis of accounting, expenses are reported in the accounting
period when which of the following occurs? - ANSWER✔✔ an expense matches
the revenues or is used up
Revenue minus expenses equals _____. - ANSWER✔✔ net income
Resources owned by a company (such as cash, accounts receivable, vehicles) are
reported on the balance sheet and are referred to as
_________ - ANSWER✔✔ assets
Assets are usually reported on the balance sheet at which amount? - ANSWER✔✔
cost
, Cost principle - ANSWER✔✔ A principle that states that acquired assets and
services should be recorded at their actual cost.
Obligations (amounts owed) are reported on the balance sheet and are referred
to as
________ - ANSWER✔✔ liabilities
Liabilities often have the word
__________
in their account title - ANSWER✔✔ payables
Unearned Revenues is what type of account? - ANSWER✔✔ Liability (The
company that is to perform the service or is to deliver the product has received
the cash in advance and therefore has an obligation (liability) to deliver the
service or the product.)
Accounting entries involve a minimum of how many accounts? - ANSWER✔✔ Two
- because of the double entry system, every transaction will affect at least two
accounts
Assets minus liabilities equals
_________ - ANSWER✔✔ stockholders' equity or owner's equity
(net assets if a nonprofit)
Which term is associated with "left" or "left side"? - ANSWER✔✔ Debit
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