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ACCT 209 TAMU Exam 1 Questions and Answers 2024 $15.49   Add to cart

Exam (elaborations)

ACCT 209 TAMU Exam 1 Questions and Answers 2024

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ACCT 209 TAMU Exam 1

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  • September 13, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • TAMU
  • TAMU
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ACCT 209 TAMU Exam 1

Income Statement format – answer NI=Rev.-Exp.

Balance Sheet format – answer Assets=Liba. Total Stockholder's Equity

Statement of Retained Earnings format - answer Beg. Bal. in RE+NI-Dividends=End
Bal. in RE

What is the connecting link between the income statement and the balance sheet? -
answer Statement of Retained Earnings

What order must you PREPARE (not present) the financial statements? - answer1)
Income Statement 2) Statement of Retained Earnings 3) Balance Sheet

Why must you prepare the financial statements in a certain order? - answer Because
Net Income is needed in order to prepare the Statement of Retained Earnings, and
ending balance of RE is needed to prepare the Balance Sheet

Cash - answerAsset

Marketable Securities - answerAsset

Accounts Receivable - answerAsset

Inventory - answerAsset

Prepaid Expenses - answerAsset

Supplies - answerAsset

Land - answerAsset

Buildings - answerAsset

Equipment - answerAsset

Machinery - answerAsset

Office Furniture - answerAsset

Intangible Assets - answerAsset

, Accounts Payable - answerLiability

Wages Payable - answerLiability

Taxes Payable - answerLiability

Interest Payable - answerLiability

Unearned Revenue - answerLiability

Accrued Liabilities (or Accrued Expenses) - answerLiability

Notes Payable - answerLiability

Mortgages Payable - answerLiability

Bonds Payable - answerLiability

Common Stock (or Capital Stock) - answerStockholder's Equity

Retained Earnings - answerStockholder's Equity

For all asset, expense, and dividends accounts, the account balance is increased on the
_______ side. For all other accounts, the balance is increased on the _______ side. -
answerDebit; Credit

The goal of accounting is to provide information that will be ___________________. -
answeruseful in making decisions

Financial accounting provides information to _____ - answerexternal users

Managerial accounting provides information to ____ - answercompany management
(internal users)

Shows the result of operations (profitability) for a period of time - answerIncome
Statement

Shows changes in the equity accounts for a period of time - answerThe Statement of
Retained Earnings

Shows the financial position at a point in time. Shows Assets = Liabilities + Owners'
Equity - answerBalance Sheet

Assets = Liabilities + Owners' Equity is known as the - answeraccounting equation

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