ACCT 2101 UGA Exam
1QUESTIONS AND VERIFIED
CORRECT ANSWERS
GRADED A+ [LATEST] 100%
GUARANTEED PASS
Retained Earnings - CORRECT ANSWER-income that is not distributed to shareholders (in the
form of dividends); revenues increase retained earnings and expenses & dividends decrease
retained earnings
Revenues - CORRECT ANSWER-assets earned from sale of service or products (fees/fees earned,
sales, etc.)
Expenses - CORRECT ANSWER-assets used up in the process of earning revenues (wages
expense, rent expense, utilities expense, etc.)
Net Income/Net Loss - CORRECT ANSWER-revenues - expenses
Dividends - CORRECT ANSWER-distribution of corporations assets to shareholders
The Accounting Equation - CORRECT ANSWER-assets = liabilities + equity
Income Statement - CORRECT ANSWER-describes a company's profitability (revenues -
expenses) over a period of time due to the company's earnings activities
, Statement of Retained Earnings - CORRECT ANSWER-explains the changes in retained earnings
over a period of time
Balance Sheet - CORRECT ANSWER-describes a company's financial position at a point in time
(on a specific date)
Statement of Cash Flows - CORRECT ANSWER-identifies cash inflows (receipts) and cash
outflows (payments) over a period of time
Account - CORRECT ANSWER-a record of increases and decreases in a specific asset, liability,
equity, revenue, or expense as a result of business transactions
Accrued Liabilities - CORRECT ANSWER-any amount you owe but have not yet paid
Unearned Revenue - CORRECT ANSWER-advanced payments received from customers for
products/services to be provided
Ledger - CORRECT ANSWER-a collection of all accounts for a company; company's size and
diversity of operations affect the number of accounts needed
Chart of Accounts - CORRECT ANSWER-a list of all accounts and includes an identifying number
for each account (table of contents)
Accounting Cycle - Part 1 - CORRECT ANSWER-1. analyze transactions
2. journalize
3. post to ledger
4. prepare trial balance
1QUESTIONS AND VERIFIED
CORRECT ANSWERS
GRADED A+ [LATEST] 100%
GUARANTEED PASS
Retained Earnings - CORRECT ANSWER-income that is not distributed to shareholders (in the
form of dividends); revenues increase retained earnings and expenses & dividends decrease
retained earnings
Revenues - CORRECT ANSWER-assets earned from sale of service or products (fees/fees earned,
sales, etc.)
Expenses - CORRECT ANSWER-assets used up in the process of earning revenues (wages
expense, rent expense, utilities expense, etc.)
Net Income/Net Loss - CORRECT ANSWER-revenues - expenses
Dividends - CORRECT ANSWER-distribution of corporations assets to shareholders
The Accounting Equation - CORRECT ANSWER-assets = liabilities + equity
Income Statement - CORRECT ANSWER-describes a company's profitability (revenues -
expenses) over a period of time due to the company's earnings activities
, Statement of Retained Earnings - CORRECT ANSWER-explains the changes in retained earnings
over a period of time
Balance Sheet - CORRECT ANSWER-describes a company's financial position at a point in time
(on a specific date)
Statement of Cash Flows - CORRECT ANSWER-identifies cash inflows (receipts) and cash
outflows (payments) over a period of time
Account - CORRECT ANSWER-a record of increases and decreases in a specific asset, liability,
equity, revenue, or expense as a result of business transactions
Accrued Liabilities - CORRECT ANSWER-any amount you owe but have not yet paid
Unearned Revenue - CORRECT ANSWER-advanced payments received from customers for
products/services to be provided
Ledger - CORRECT ANSWER-a collection of all accounts for a company; company's size and
diversity of operations affect the number of accounts needed
Chart of Accounts - CORRECT ANSWER-a list of all accounts and includes an identifying number
for each account (table of contents)
Accounting Cycle - Part 1 - CORRECT ANSWER-1. analyze transactions
2. journalize
3. post to ledger
4. prepare trial balance
