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Accounting 11 questions with accurate answers.
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  • Accounting 101

Accounting 11 questions with accurate answers.

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  • August 29, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting 11 questions with accurate answers

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  • Accounting 101
  • Accounting 101

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Accounting 11 questions with accurate
answers.

Revenue Principle ANS - If cash is received before company delivers goods/services- unearned revenue



Accounts Receivable ANS - If cash is received after the company delivers goods/services ex) interest
receivable, rent receivable, royalties recievable. Asset account



Expense Matching Principle ANS - costs incurred to generate revenues be recognized in the same
period-- match all costs with their benefits



prepaid expense ANS - if cash is paid before the company received goods/services, an asset account



accounts payable ANS - liability account. If cash is paid after the company receives goods or services



Corporation ANS - incorporated under state law, limited liability-leaders of company are not legally
liable, audited



The Accounting System ANS - A=L+SE. A system that collects and processes financial information about a
business entity and reports that information to decision makers. Both financial and managerial
accounting



balance sheet ANS - reports the amount of assets, liabilities, and stockholder's equity of an accounting
entity at a point in time



Examples of expenses ANS - costs of goods sold, wages expense, rent expense, interest expense,
depreciation expense, advertising expense, insurance expense, repair expense, income tax expense



income statement ANS - revenue-expenses=net income

, GAAP ANS - generally accepted accounting principles. SEC and FASB set the rules for how to prepare a
financial statement and monitor how to accurately report financial period. Looked at for financial
disclosure for stock to be sold publically



Net income ANS - revenue-expenses



Examples of SE accounts ANS - contributed capital

retained earnings



Examples of revenue accounts ANS - sales revenue

fee revenue

interest revenue

rent revenue

service revenue



Examples of expense accounts ANS - cost of goods sold

wages expense

rent expense

interest expense

depreciation expense

advertising expense

insurance expense

repair expense

income tax expense



current assets ANS - Assets that are to be used and turned into cash within 1 year



Noncurrent assets ANS - Assets that will be used up longer than 1 year

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