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Accounting 201 exam 1 UW eau claire questions well answered to pass
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Accounting 201 exam 1 UW eau claire questions well answered to pass
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Accounting 201 exam 1 UW eau clairecurrent assets - correct answer ✔✔(items that can or will be converted into cash within one year)
-Cash
-Short term Investments
-Accts, notes and interest's receivable
-Insurance and supplies (Prepaid expenses)
Long-term investments - correct answer ✔✔-Investments in stocks or bonds in other corporations held
for more than a year
-Long term assets not currently in use (land/buildings)
Property, Plant, and Equipment - correct answer ✔✔-Assets with relatively long useful lives and
currently being used in operations.
-Buildings, equipment, land, delivery vehicles, furniture
-Depreciation
Allocation of a cost to an asset to a number of years
-Accumulated depreciation
Total amount of depreciation that a company has expensed in the assets life.
long-term liabilities - correct answer ✔✔(liabilities owed for more than a year)
-Accounts payable
-Salaries/wages payable
-Bonds payable
-Mortgages payable
-Lease liabilities
-Pension liabilities
, Current Liabilities - correct answer ✔✔(liabilities due within a short time, usually within a year)
-Accounts payable
-Salaries and wages payable
-Notes payable
-Income tax payable
-Interest payable
stock holders equity - correct answer ✔✔-common stock and retained earnings
-Companies record investments of assets into the business by stockholders as common stock
-The income retained for use in businesses retained earnings
Revenue - correct answer ✔✔-Sales revenue
-Service revenue
Expense - correct answer ✔✔-Cost of goods sold
-Salaries/wages expense
Net Income Equation - correct answer ✔✔~First
total revenue
-
total expenses
Statement of Retained Earnings Equation - correct answer ✔✔~Second
Beginning Retained Earnings
+ or -
Net Income
-
Dividends
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