MGMT 200 Exam 1 Purdue questions with accurate detailed
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answers
Assets - ✔✔Debit(+) Credit(-), resources
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Liability - ✔✔Debit(-) Credit(+), creditors claims
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Equity - ✔✔Debit(-) Credit(+), owners claims
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Normal Balance Equation - ✔✔Assets = Liability + Equity
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Net income - ✔✔(profit) = Revenues - Expenses
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Revenues - ✔✔Sales of products or services to customers
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Expenses - ✔✔Costs of selling products or services
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Dividends - ✔✔Distribution of profit to stockholders
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Financing Activities - ✔✔transactions the company has with investors and creditors
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(for borrowed money)
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Investing Activities - ✔✔Transactions involving the purchase and sale of resources
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that provide benefit for several years
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, Operating Activities - ✔✔transactions that relate to the primary operations of the
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company
Financial Reports - ✔✔1. Balance Sheet
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2. Income Statement
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3. Statement of changes in equity
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4. Statement of cash flows
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Storage Units - ✔✔Classification as assets, liabilities, equity, revenues and expenses
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Income Statement - ✔✔Reports revenues and expenses over an interval of time, assess
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the company's ability to earn a profit from running its operations
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Statement of Stockholders Equity - ✔✔summarizes the changes in stockholders equity
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over an interval of time, =Common Stock + Retained Earnings
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Balance Sheet - ✔✔Presents the financial position of the company on a particular
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date, Financial position: resources = claims to resources
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Statement of Cash Flows - ✔✔measures activities involving cash receipts and cash
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payments over an interval of time
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Operating Cash Flows - ✔✔cash transactions involving revenues and expenses
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Investing Cash Flows - ✔✔cash transactions involving purchase and sale of long term
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assets
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answers
Assets - ✔✔Debit(+) Credit(-), resources
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Liability - ✔✔Debit(-) Credit(+), creditors claims
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Equity - ✔✔Debit(-) Credit(+), owners claims
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Normal Balance Equation - ✔✔Assets = Liability + Equity
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Net income - ✔✔(profit) = Revenues - Expenses
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Revenues - ✔✔Sales of products or services to customers
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Expenses - ✔✔Costs of selling products or services
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Dividends - ✔✔Distribution of profit to stockholders
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Financing Activities - ✔✔transactions the company has with investors and creditors
|| || || || || || || || || || ||
(for borrowed money)
|| ||
Investing Activities - ✔✔Transactions involving the purchase and sale of resources
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that provide benefit for several years
|| || || || ||
, Operating Activities - ✔✔transactions that relate to the primary operations of the
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company
Financial Reports - ✔✔1. Balance Sheet
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2. Income Statement
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3. Statement of changes in equity
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4. Statement of cash flows
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Storage Units - ✔✔Classification as assets, liabilities, equity, revenues and expenses
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Income Statement - ✔✔Reports revenues and expenses over an interval of time, assess
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the company's ability to earn a profit from running its operations
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Statement of Stockholders Equity - ✔✔summarizes the changes in stockholders equity
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over an interval of time, =Common Stock + Retained Earnings
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Balance Sheet - ✔✔Presents the financial position of the company on a particular
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date, Financial position: resources = claims to resources
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Statement of Cash Flows - ✔✔measures activities involving cash receipts and cash
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payments over an interval of time
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Operating Cash Flows - ✔✔cash transactions involving revenues and expenses
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Investing Cash Flows - ✔✔cash transactions involving purchase and sale of long term
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assets
