Exam (elaborations)
ACCT 209 TAMU Exam 1 Questions and Answers 2024
- Course
- Institution
ACCT 209 TAMU Exam 1
[Show more]
Content preview
ACCT 209 TAMU Exam 1Income 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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller jw638729. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79650 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now