ACG 2021 Exam 1 UCF Reinking with all Correct & 100%
Verified Answers |Latest Version |Already Graded A+
Generally accepted accounting principles (GAAP) ✔Correct Answer-the rules of financial
accounting
Revenue recognition principle ✔Correct Answer-record revenue in the period in which we
earn it
Matching principle ✔Correct Answer-recognizing expenses in the same period as the
revenues they help generate
Assets ✔Correct Answer-resources owned by a company
Liabilities ✔Correct Answer-Amounts owed to creditors
Stockholders' Equity ✔Correct Answer-owners' claims to resources
Revenues ✔Correct Answer-the amounts earned from selling products or services to
customers
Expenses ✔Correct Answer-the costs of providing products and services
Net Income ✔Correct Answer-the calculated difference between revenues and expenses
Business Transactions ✔Correct Answer-An economic event that initiates the accounting
process of recording it in the company's accounting system
Accounting Period ✔Correct Answer-the specific time period (beginning and end) for which
the accounts are aggregated, balanced, and the financial statements are prepared
Account ✔Correct Answer-summary of the effects of all transactions related to a particular
item over a period of time
Chart of Accounts ✔Correct Answer-a list of all account names used to record transactions of
a company
General Ledger ✔Correct Answer-all accounts used to record the company's transactions
Journal ✔Correct Answer-a chronological record of all transactions affecting a firm
Verified Answers |Latest Version |Already Graded A+
Generally accepted accounting principles (GAAP) ✔Correct Answer-the rules of financial
accounting
Revenue recognition principle ✔Correct Answer-record revenue in the period in which we
earn it
Matching principle ✔Correct Answer-recognizing expenses in the same period as the
revenues they help generate
Assets ✔Correct Answer-resources owned by a company
Liabilities ✔Correct Answer-Amounts owed to creditors
Stockholders' Equity ✔Correct Answer-owners' claims to resources
Revenues ✔Correct Answer-the amounts earned from selling products or services to
customers
Expenses ✔Correct Answer-the costs of providing products and services
Net Income ✔Correct Answer-the calculated difference between revenues and expenses
Business Transactions ✔Correct Answer-An economic event that initiates the accounting
process of recording it in the company's accounting system
Accounting Period ✔Correct Answer-the specific time period (beginning and end) for which
the accounts are aggregated, balanced, and the financial statements are prepared
Account ✔Correct Answer-summary of the effects of all transactions related to a particular
item over a period of time
Chart of Accounts ✔Correct Answer-a list of all account names used to record transactions of
a company
General Ledger ✔Correct Answer-all accounts used to record the company's transactions
Journal ✔Correct Answer-a chronological record of all transactions affecting a firm
