ACC 201-Exam 1- MSU Questions With
Correct Answers
bookeeping - CORRECT ANSWER✔✔-The recording of business and accounting
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transactions.
Accounting - CORRECT ANSWER✔✔-planning, recording, analyzing, and
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interpreting financial information | |
entity - CORRECT ANSWER✔✔-a person, unit, organization, or group
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Proprietoship - CORRECT ANSWER✔✔-A business owned by one person
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Partnership - CORRECT ANSWER✔✔-A business in which two or more persons
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combine their assets and skills
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corporation - CORRECT ANSWER✔✔-A business owned by stockholders who
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share in its profits but are not personally responsible for its debts
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asset - CORRECT ANSWER✔✔-Anything of value that is owned (Cash, accounts
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rec., supplies)
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, liability - CORRECT ANSWER✔✔-obligation of an entity. Amounts owed to
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creditors (accounts pay., accrued liabilities, long-term debt)
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Stockholders' Equity - CORRECT ANSWER✔✔-The owners' claim to assets.
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(Common stock, capital stock, preferred stock, dividends, retained earnings)
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Revenue - CORRECT ANSWER✔✔-An increase in owner's equity resulting from
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the operation of a business (sales revenue, service revenue)
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expense - CORRECT ANSWER✔✔-a decrease in owner's equity resulting from the
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operation of a business (operating expense, cost of goods sold, fuel expense)
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Basic Accounting Equation - CORRECT ANSWER✔✔-Assets = Liabilities +
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Stockholders' Equity |
income statement - CORRECT ANSWER✔✔-A financial statement showing the
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revenue and expenses for a fiscal period.
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Retained Earnings Statement - CORRECT ANSWER✔✔-A financial statement that
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summarizes the amounts and causes of changes in retained earnings for a specific
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time period.
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Balance Sheet - CORRECT ANSWER✔✔-A financial statement that reports assets,
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liabilities, and owner's equity on a specific date.
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Correct Answers
bookeeping - CORRECT ANSWER✔✔-The recording of business and accounting
| | | | | | | | |
transactions.
Accounting - CORRECT ANSWER✔✔-planning, recording, analyzing, and
| | | | | | |
interpreting financial information | |
entity - CORRECT ANSWER✔✔-a person, unit, organization, or group
| | | | | | | |
Proprietoship - CORRECT ANSWER✔✔-A business owned by one person
| | | | | | | |
Partnership - CORRECT ANSWER✔✔-A business in which two or more persons
| | | | | | | | | | |
combine their assets and skills
| | | |
corporation - CORRECT ANSWER✔✔-A business owned by stockholders who
| | | | | | | | |
share in its profits but are not personally responsible for its debts
| | | | | | | | | | |
asset - CORRECT ANSWER✔✔-Anything of value that is owned (Cash, accounts
| | | | | | | | | | |
rec., supplies)
|
, liability - CORRECT ANSWER✔✔-obligation of an entity. Amounts owed to
| | | | | | | | | |
creditors (accounts pay., accrued liabilities, long-term debt)
| | | | | |
Stockholders' Equity - CORRECT ANSWER✔✔-The owners' claim to assets.
| | | | | | | | |
(Common stock, capital stock, preferred stock, dividends, retained earnings)
| | | | | | | |
Revenue - CORRECT ANSWER✔✔-An increase in owner's equity resulting from
| | | | | | | | | |
the operation of a business (sales revenue, service revenue)
| | | | | | | |
expense - CORRECT ANSWER✔✔-a decrease in owner's equity resulting from the
| | | | | | | | | | |
operation of a business (operating expense, cost of goods sold, fuel expense)
| | | | | | | | | | |
Basic Accounting Equation - CORRECT ANSWER✔✔-Assets = Liabilities +
| | | | | | | | |
Stockholders' Equity |
income statement - CORRECT ANSWER✔✔-A financial statement showing the
| | | | | | | | |
revenue and expenses for a fiscal period.
| | | | | |
Retained Earnings Statement - CORRECT ANSWER✔✔-A financial statement that
| | | | | | | | |
summarizes the amounts and causes of changes in retained earnings for a specific
| | | | | | | | | | | |
time period.
| |
Balance Sheet - CORRECT ANSWER✔✔-A financial statement that reports assets,
| | | | | | | | | |
liabilities, and owner's equity on a specific date.
| | | | | | |
