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Accounting questions with correct answers respectively.
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  • Accounting 101
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  • Accounting 101

Accounting questions with correct answers respectively.

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  • August 29, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting questions with correct answers respecti

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  • Accounting 101
  • Accounting 101

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Accounting questions with correct
answers respectively.

Basic Accounting Equation ANS - The relationship between income, expenses, and the ownership of the
company; Assets = Liabilities + Owners Equity



Financial Statements ANS - Accounting reports compiled necessary for the fair evaluation of operations
of an entity i.e. the balance sheet, income statement, and the cash-flow statement



Asset ANS - Something valuable that an entity owns, benefits from, or has use of, in generating income.



Liability ANS - Accounts and wages payable, accrued rent and taxes, trade debt, and short and long-
term loans.



Accounts Payable ANS - Unpaid bills. Accounts that are owed to suppliers as distinguished from accrued
interest, rent, salaries, taxes, and other such accounts



Accounts Receivable ANS - Sales made but not paid-for by the customer.



Fixed Costs ANS - A periodic cost that remains more or less unchanged irrespective of the output level
or sales revenue, such as depreciation, insurance, interest, rent, salaries, and wages



Variable Costs ANS - A periodic cost that varies in step with the output or the sales revenue of a
company.



CPA ANS - Certified Public Accountant. An individual who has passed the uniform examination
administered by the American Institute of Certified Public Accountants, and who has received state
certification to practice accounting.

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