ACCOUNTING 201 FINAL EXAM QUESTIONS AND ANSWERS
balance sheet - CORRECT ANSWER✅✅assets
liabilities
equity
income statement - CORRECT ANSWER✅✅revenue
expense
gains/losses
gross profit
net income/loss
statement of retained earning - CORRECT ANSWER✅✅beginning capital
contributed capital
ending capital
statement of cash flow - CORRECT ANSWER✅✅listing of cash inflows/outflows
operating
investing
financing
steps in accounting cycle - CORRECT ANSWER✅✅identity
journalize
communicate
cost principle - CORRECT ANSWER✅✅record at cost
revenue recognition - CORRECT ANSWER✅✅revenue recognized when earned
, matching principle - CORRECT ANSWER✅✅expenses and related revenue recorded in the same period
adjusting entries - CORRECT ANSWER✅✅depreciation
accruals interest/revenue
prepaid
LIFO - CORRECT ANSWER✅✅last in first out
FIFO - CORRECT ANSWER✅✅first in first out
cost of goods sold - CORRECT ANSWER✅✅beginning inventory plus net purchases minus ending
inventory
gross profit - CORRECT ANSWER✅✅sales minus cost of goods sold
perpetual - CORRECT ANSWER✅✅ongoing
bank reconciliation - CORRECT ANSWER✅✅adjusted bank balance
adjusted book balance
straight line depreciation - CORRECT ANSWER✅✅cost - salvage value / estimated life
accounts receivable - CORRECT ANSWER✅✅bad debt expense
allowance method
write off method
trading - CORRECT ANSWER✅✅reported at Market Value after adjustment of unrealized gain or loss
balance sheet - CORRECT ANSWER✅✅assets
liabilities
equity
income statement - CORRECT ANSWER✅✅revenue
expense
gains/losses
gross profit
net income/loss
statement of retained earning - CORRECT ANSWER✅✅beginning capital
contributed capital
ending capital
statement of cash flow - CORRECT ANSWER✅✅listing of cash inflows/outflows
operating
investing
financing
steps in accounting cycle - CORRECT ANSWER✅✅identity
journalize
communicate
cost principle - CORRECT ANSWER✅✅record at cost
revenue recognition - CORRECT ANSWER✅✅revenue recognized when earned
, matching principle - CORRECT ANSWER✅✅expenses and related revenue recorded in the same period
adjusting entries - CORRECT ANSWER✅✅depreciation
accruals interest/revenue
prepaid
LIFO - CORRECT ANSWER✅✅last in first out
FIFO - CORRECT ANSWER✅✅first in first out
cost of goods sold - CORRECT ANSWER✅✅beginning inventory plus net purchases minus ending
inventory
gross profit - CORRECT ANSWER✅✅sales minus cost of goods sold
perpetual - CORRECT ANSWER✅✅ongoing
bank reconciliation - CORRECT ANSWER✅✅adjusted bank balance
adjusted book balance
straight line depreciation - CORRECT ANSWER✅✅cost - salvage value / estimated life
accounts receivable - CORRECT ANSWER✅✅bad debt expense
allowance method
write off method
trading - CORRECT ANSWER✅✅reported at Market Value after adjustment of unrealized gain or loss
