Accounting 203 Final Exam Questions With Complete
Solutions
account Correct Answers is a record of increases and decreases
in a specific asset, liability, equity, revenue or expense item.
Accounting Correct Answers an information and measurement
system that identifies, records, and communicates relevant,
reliable, and comparable information about an organization's
business activities.
Accounting assumptions Correct Answers there are four
accounting assumptions: the going concern assumption, the
monetary unit assumption, the time period assumption, and the
business entity assumption
Accounting equation Correct Answers
Assets=Liabilities+Equity
Accounting Principles Correct Answers general principles
consist of at least four basic principles, four assumptions, and
two contraints
accrual basis accounting Correct Answers uses the adjusting
process to recognize revenues when earned and expenses when
incurred
accrued expenses Correct Answers refers to costs that are
incurred in a period but are both unpaid and unrecorded
, adjusted trial balance Correct Answers list of accounts and
balances for prepared AFTER adjusting entries have been
recorded and posted to the ledger
adjusting entry Correct Answers made at the end of an
accounting period to reflect a transaction or event that is not yet
recorded
Assets Correct Answers resources a company owns or controls.
expected to yield future benefits
avoidable expenses Correct Answers amounts the company
would not incur if it eliminated the segment
balance scorecard Correct Answers system of performance
measures, including non financial measures, used to assess
company and division manager performance
balance sheet Correct Answers a company's financial position
(types and amounts of assets, liabilities, and equity) at a point in
time
budget Correct Answers formal statement of a company's
future plans
budget reports Correct Answers contain relevant information
that compares actual results to planned activities
budgetary control Correct Answers refers to management's use
of budgets to monitor control a company's operations
Solutions
account Correct Answers is a record of increases and decreases
in a specific asset, liability, equity, revenue or expense item.
Accounting Correct Answers an information and measurement
system that identifies, records, and communicates relevant,
reliable, and comparable information about an organization's
business activities.
Accounting assumptions Correct Answers there are four
accounting assumptions: the going concern assumption, the
monetary unit assumption, the time period assumption, and the
business entity assumption
Accounting equation Correct Answers
Assets=Liabilities+Equity
Accounting Principles Correct Answers general principles
consist of at least four basic principles, four assumptions, and
two contraints
accrual basis accounting Correct Answers uses the adjusting
process to recognize revenues when earned and expenses when
incurred
accrued expenses Correct Answers refers to costs that are
incurred in a period but are both unpaid and unrecorded
, adjusted trial balance Correct Answers list of accounts and
balances for prepared AFTER adjusting entries have been
recorded and posted to the ledger
adjusting entry Correct Answers made at the end of an
accounting period to reflect a transaction or event that is not yet
recorded
Assets Correct Answers resources a company owns or controls.
expected to yield future benefits
avoidable expenses Correct Answers amounts the company
would not incur if it eliminated the segment
balance scorecard Correct Answers system of performance
measures, including non financial measures, used to assess
company and division manager performance
balance sheet Correct Answers a company's financial position
(types and amounts of assets, liabilities, and equity) at a point in
time
budget Correct Answers formal statement of a company's
future plans
budget reports Correct Answers contain relevant information
that compares actual results to planned activities
budgetary control Correct Answers refers to management's use
of budgets to monitor control a company's operations
