ACG 2021 Exam 1 with all Correct & 100% Verified
Answers |Latest Version |Already Graded A+
accounting ✔Correct Answer-the information system that measures business activities,
processes that information into reports and financial statements, and communicates the results
to decision makers
accounting equation ✔Correct Answer-ASSETS = LIABILITIES + STOCKHOLDER'S EQUITY
Balance Sheet ✔Correct Answer-(Statement of Financial Position)
list of an entity's assets, liabilities, and owner's equity as of a specific date.
Dated at a specific time
-accounts payable
-inventory
-long-term debt
-cash
-retained earnings
-common stock
Continuity Assumption or Going- Concern Assumption ✔Correct Answer-holds that the entity
will remain in operation for the foreseeable future
Corporation ✔Correct Answer-a business owned by stockholders.
A legal entitiy
current liability ✔Correct Answer-a debt due to be paid within one year or within the entity's
operating cycle if the cycle is longer than a year
current asset ✔Correct Answer-an asset that is expected to be converted to cash sold, or
consumed during the next 12 months, or within the business's normal cylce if the cycle is longer
than a year
deficit ✔Correct Answer-negative balance in retained earnings caused by net losses over a
period of years
dividends ✔Correct Answer-distributions (usually cash) by a corporation to its stockholders
fair value ✔Correct Answer-the amount that a business could sell an asset for, or the amount
that a business could pay to settle a liability
, financial accounting ✔Correct Answer-the branch of accounting that provides information
Generally Accepted Accounting Principles ✔Correct Answer-Accounting guidelines ,
formulated by the Financial Accounting Standards Board, that govern hoe accounting is
practiced
Historical Cost Principle ✔Correct Answer-Principle that states that assets should be recorded
at their actual cost
Income Statement
(Statement of Operations) ✔Correct Answer-A financial statement listing an entity's revenues,
expenses, and net income or net loss for a specific period of time.
account ✔Correct Answer-the record of the changes that have occurred in a particular asset,
liability, or stockholders equity during a period of time. The basic summary device of accounting
accrued liability ✔Correct Answer-a liability for an expense that has not yet been paid by the
company
Credit ✔Correct Answer-right side of an account
Debit ✔Correct Answer-the left side of an account
Journal ✔Correct Answer-the chronological accounting record of an entity's transactions
ledger ✔Correct Answer-the book of accounts and their balances
Posting ✔Correct Answer-Copying amounts from the journal to the ledger
transaction ✔Correct Answer-any event that has a financial impact on the business and can
be measured reliably
Trial Balance ✔Correct Answer-a list of all the ledger accounts with their balancces
Account Format ✔Correct Answer-a BS format that lists assets on the left and liabilities on the
right
accrual ✔Correct Answer-an expense or a revenue that occurs before the business pays or
receives cash. An accrual is the opposite of a deferral
accrual accounting ✔Correct Answer-accounting that records the impact of a business event
as it occurs, regardless of whether the transaction affected cash
accrued expense ✔Correct Answer-an expense incurred but not yet paid in cash
Answers |Latest Version |Already Graded A+
accounting ✔Correct Answer-the information system that measures business activities,
processes that information into reports and financial statements, and communicates the results
to decision makers
accounting equation ✔Correct Answer-ASSETS = LIABILITIES + STOCKHOLDER'S EQUITY
Balance Sheet ✔Correct Answer-(Statement of Financial Position)
list of an entity's assets, liabilities, and owner's equity as of a specific date.
Dated at a specific time
-accounts payable
-inventory
-long-term debt
-cash
-retained earnings
-common stock
Continuity Assumption or Going- Concern Assumption ✔Correct Answer-holds that the entity
will remain in operation for the foreseeable future
Corporation ✔Correct Answer-a business owned by stockholders.
A legal entitiy
current liability ✔Correct Answer-a debt due to be paid within one year or within the entity's
operating cycle if the cycle is longer than a year
current asset ✔Correct Answer-an asset that is expected to be converted to cash sold, or
consumed during the next 12 months, or within the business's normal cylce if the cycle is longer
than a year
deficit ✔Correct Answer-negative balance in retained earnings caused by net losses over a
period of years
dividends ✔Correct Answer-distributions (usually cash) by a corporation to its stockholders
fair value ✔Correct Answer-the amount that a business could sell an asset for, or the amount
that a business could pay to settle a liability
, financial accounting ✔Correct Answer-the branch of accounting that provides information
Generally Accepted Accounting Principles ✔Correct Answer-Accounting guidelines ,
formulated by the Financial Accounting Standards Board, that govern hoe accounting is
practiced
Historical Cost Principle ✔Correct Answer-Principle that states that assets should be recorded
at their actual cost
Income Statement
(Statement of Operations) ✔Correct Answer-A financial statement listing an entity's revenues,
expenses, and net income or net loss for a specific period of time.
account ✔Correct Answer-the record of the changes that have occurred in a particular asset,
liability, or stockholders equity during a period of time. The basic summary device of accounting
accrued liability ✔Correct Answer-a liability for an expense that has not yet been paid by the
company
Credit ✔Correct Answer-right side of an account
Debit ✔Correct Answer-the left side of an account
Journal ✔Correct Answer-the chronological accounting record of an entity's transactions
ledger ✔Correct Answer-the book of accounts and their balances
Posting ✔Correct Answer-Copying amounts from the journal to the ledger
transaction ✔Correct Answer-any event that has a financial impact on the business and can
be measured reliably
Trial Balance ✔Correct Answer-a list of all the ledger accounts with their balancces
Account Format ✔Correct Answer-a BS format that lists assets on the left and liabilities on the
right
accrual ✔Correct Answer-an expense or a revenue that occurs before the business pays or
receives cash. An accrual is the opposite of a deferral
accrual accounting ✔Correct Answer-accounting that records the impact of a business event
as it occurs, regardless of whether the transaction affected cash
accrued expense ✔Correct Answer-an expense incurred but not yet paid in cash
