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Financial Accounting Exam 1 Questions With Correct Answers
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Financial Accounting Exam 1 Questions With Correct Answers Balance Sheet - answerA financial statement that reports assets, liabilities, and owner's equity at a specific point in time. Income Statement - answerA financial statement showing the revenue and expenses for a fiscal period. Revenues...

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  • October 16, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • financial accounting exam 1 questions with correct

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  • Financial Accounting
  • Financial Accounting

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©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM



Financial Accounting Exam 1 Questions
With Correct Answers


Balance Sheet - answer✔A financial statement that reports assets, liabilities, and owner's equity

at a specific point in time.


Income Statement - answer✔A financial statement showing the revenue and expenses for a fiscal

period. Revenues - expenses = net income


Income Summary Account - answer✔used to accumulate and summarize the revenue and

expenses for the period


Trial Balance - answer✔a list of accounts and their balances at a given time


Statement of Cash Flows - answer✔A financial statement that provides financial information

about the cash receipts and cash payments of a business for a specific period of time.


permanent accounts - answer✔all accounts that appear in the balance sheet; account balances are

carried forward from period to period


temporary accounts - answer✔Revenue, expense, and dividend accounts whose balances a

company transfers to Retained Earnings at the end of an accounting period.

, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM


Business entity assumption - answer✔A business is accounted for separately from other business

entities, including its owner.


time period assumption - answer✔Assumption that an organization's activities can be divided

into specific time periods such as months, quarters, or years.


Revenue recognition principle - answer✔The principle that companies recognize revenue in the

accounting period in which the performance obligation is satisfied.


Going Concern Assumption - answer✔The assumption that the company will continue in

operation for the foreseeable future.


Asset Accounts - answer✔You own, examples include: cash, accounts receivable, notes

receivable, prepaid accounts, supplies, equipment, buildings, land


Liability accounts - answer✔You owe, Examples include: accounts payable, notes payable,

accrued liabilities, unearned revenue


Shareholders equity accounts - answer✔Assets - common stock and retained earnings


Closing entries - answer✔Entries that transfer the balances of all temporary accounts (revenues,

expenses, and dividends) to the balance of the Retained Earnings account


Adjusting entries - answer✔journal entries recorded to update general ledger accounts at the end

of a fiscal period

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