Exam (elaborations)
Accounting Exam 1
- Course
- Accounting
- Institution
- Accounting
Exam of 3 pages for the course Accounting at Accounting (Accounting Exam 1)
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VACCOUNTING EXAM 1 QUESTIONSAND ANSWERS GRADED A+
financial statements - Accounting information may be generated for a variety of purposes. The key
products of accounting are:
Stockholders - By definition, who are the owners of a corporation?
assets - Items such as buildings and land are:
A) Retained Earnings - Which of the following accounts increases with a credit? A) Retained Earnings, B)
Cash, C) Accounts Receivable, D) Both A and B
True - True or False. There is net income when total revenues are greater than total expenses.
True - True or False. There is a net loss when total expenses are greater than total revenue.
False - True or False. There is a net loss when you increase owner's equity.
A) Assets - The Balance Sheet, or statement of financial position, is like a snapshot of the entity. Which of
the following items are included on the balance sheet? A) Assets, B) Receipts, C) Revenues, D) Expenses
Income statement, Statement of Retained Earnings, Balance Sheet - The financial statements should be
prepared in what order?
Liability - An obligation that a corporation owes to an outside person or agency is called a:
When services are rendered, even though cash may be received at a later date - If a company is using the
accrual method of accounting, when is revenue recorded?
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