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ACC 201 Quiz 1 (Chapter 1-2) questions and answers 2025 already graded A+
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ACC 201 Quiz 1 (Chapter 1-2) questions and answers 2025 already graded A+
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ACC 201 Quiz 1 (Chapter 1-2)questions and answers 2025
already graded A+
Creditors - answer Lenders
Investors - answer Owners, shareholders, stockholders, potential
investors
Types of financial statements - answer Balance sheet, income
statement, statement of stockholders equity
2 roles - answer Stewardship and Valuation
Stewardship - answer Monitor management/taking good care of
company's assets
Valuation - answer Pricing in capitals markets (should we buy
stock/how to price stock)
Balance sheet - answer A financial snapshot at a specific point in
time
Assets - answer Things company owns/resources
Liabilities - answer debts or obligations owed to others
, Stockholders equity (aka NET BOOK VALUE) - answer The amount
of financing provides by owners of the business and generated by
the operations of the business. Net assets-net liabilities.
Components of stockholders equity - answer Contributed capital,
retained earnings
How to calculate end RE - answer End RE= Beg. RE + net income -
dividends
Basic Accounting Equation - answer Assets = Liabilities +
Stockholders' Equity
Balance sheet includes: - answer Assets, liabilities, stockholders
equity
Income Statement - answer Reports of performance of an economic
unit over PERIOD OF TIME. Revenues-expenses=net income or loss
Revenues - answer the amount of money received from sales
Expenses - answer Amount of resources used up to earn revenues
during a period; recognized in the period in which resources are
used, not when they're paid
Net Income - answer revenue - expenses
statement of stockholders' equity - answer Changes in contributed
capital accounts, changes in retained earnings
Securities and Exchange Commission (SEC) - answer Primarily
lawyers; rights to both SET and ENFORCE accounting standards;
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