Accounting 201 Final Exam Questions With Correct Answers.

Accounting 201 Final Exam Questions
With Correct Answers

balance sheet - CORRECT ANSWER✔✔-assets
| | | |




liabilities
equity


income statement - CORRECT ANSWER✔✔-revenue
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expense
gains/losses
gross profit
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net income/loss
|




statement of retained earning - CORRECT ANSWER✔✔-beginning capital
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contributed capital |




ending capital
|




statement of cash flow - CORRECT ANSWER✔✔-listing of cash inflows/outflows
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operating
investing
financing

, steps in accounting cycle - CORRECT ANSWER✔✔-identity
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journalize
communicate


cost principle - CORRECT ANSWER✔✔-record at cost
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revenue recognition - CORRECT ANSWER✔✔-revenue recognized when earned
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matching principle - CORRECT ANSWER✔✔-expenses and related revenue
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recorded in the same period | | | |




adjusting entries - CORRECT ANSWER✔✔-depreciation
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accruals interest/revenue |




prepaid


LIFO - CORRECT ANSWER✔✔-last in first out
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FIFO - CORRECT ANSWER✔✔-first in first out
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cost of goods sold - CORRECT ANSWER✔✔-beginning inventory plus net
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purchases minus ending inventory | | |




gross profit - CORRECT ANSWER✔✔-sales minus cost of goods sold
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