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TULANE
ACCN-2010 Test 1
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2026 Updated
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TULANE ACCN-2010
TULANE
Test 1ACCN-2010
(ChaptersTULANE
1–4,
Test 12026
ACCN-2010
(Chapters
Updated
1–4,
Test
Practice
12026
(Chapters
Exam)
Updated
–
1–4,
Practice
practice
2026Exam)
questions
Updated
–Practice
with
practice
answers.pdf
Exam)
questions
– with
practice
answers.pdf
questions with answers.pdf
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Terms in this set (126)
3 Business Activities financing, investing, operating
3-Lined Header for Financial Statements 1. company name
2. name of the financial statement
3. articulation period
Account -An individual accounting record of increases and decreases in specific asset,
liability, stockholders' equity, revenue, or expense items
-In its simplest form, an account consists of three parts: the title of the account, a
left or debit side, and a right or credit side
Accounting the information system that identifies, records, and communicates the economic
events of an organization to interested users
Accounting Information System the system of collecting and processing transaction data and communicating
financial information to decision-makers
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Accounting Transactions events that require recording in the financial statements because they affect
assets, liabilities, or stockholders' equity
Accounts Payable obligations to pay for goods
Accounts Receivable the right to receive money in the future
Accrual-Basis Accounting accounting basis in which companies record, in the periods in which the events
occur, transactions that change a company's financial statements, even if cash
was not exchanged
Accruals -accrued revenues
-accrued expenses
Accrued Expenses -expenses incurred but not yet paid in cash or recorded
-results in an increase (debit) to an expense account and an increase (credit) to a
liability account
Accrued Revenues -revenues for services performed but not yet received in cash or recorded
-results in an increase (debit) to an asset account and an increase (credit) to a
revenue account
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