ACG 2022 EXAM QUESTIONS WITH
COMPLETE ANSWERS { GUARANTEED
A+}
Adjusting journal entries never include? - ✔✔Cash
Accounting - ✔✔The information system that identifies, records, and
communicates the economic events of an organization to interested users.
Balance Sheet - ✔✔a financial statement that reports the assets and claims to
those assets at a specific point in time
DEAD - ✔✔Debit-Expenses, Assets, Dividends
Accrual Accounting - ✔✔Accounting basis in which companies record
transactions that change a company's financial statement in the periods in which
the events occur.
CCRRL - ✔✔Credit-Common stock, Retained Earnings, Revenue, Liabilities
,Assets - ✔✔Resources a business owns.
Basic accounting equation - ✔✔Assets= Liabilities + Equity
Common Stock - ✔✔the total amount paid in by stockholders for the shares they
purchase
Matching Principle - ✔✔Report an expense on its income statement income
statement in the same period as the related revenues.
Auditing - ✔✔The examination of financial statements by a certified public
accountant in order to express an opinion as to the fairness of presentation.
Debit - ✔✔Left side
Every AJE has to include - ✔✔Income statement account and balance sheet
account
Credit - ✔✔Right side
Balance Sheet - ✔✔A financial statement that reports the assets, liabilities, and
owner's equity at a specific date.
Corporation - ✔✔a business organized as a separate legal entity having ownership
divided into transferable shares of stock
, Dividends - ✔✔payments of cash from a corporation to its stockholders
Basic Accounting Equation - ✔✔Assets=Liabilities + stockholders' Equity
Normal Balance - ✔✔Is what increases the account. Debit or credit
Time Period Assumption also called - ✔✔Periodically Assumption
An assumption that the life of a business can be divided into artificial time periods
and that useful reports covering those periods can be prepared for the business. -
✔✔Time period assumption
Double entry accounting - ✔✔A system that records in appropriate accounts the
dual effect of each transaction
Bookkeeping - ✔✔A part of accounting that involves only the recording of
economic events.
Expenses - ✔✔the cost of assets consumed or services used in the process of
generating revenues
Common Stock - ✔✔Term used to describe the total amount paid in by
stockholders for the shares they purchase.
COMPLETE ANSWERS { GUARANTEED
A+}
Adjusting journal entries never include? - ✔✔Cash
Accounting - ✔✔The information system that identifies, records, and
communicates the economic events of an organization to interested users.
Balance Sheet - ✔✔a financial statement that reports the assets and claims to
those assets at a specific point in time
DEAD - ✔✔Debit-Expenses, Assets, Dividends
Accrual Accounting - ✔✔Accounting basis in which companies record
transactions that change a company's financial statement in the periods in which
the events occur.
CCRRL - ✔✔Credit-Common stock, Retained Earnings, Revenue, Liabilities
,Assets - ✔✔Resources a business owns.
Basic accounting equation - ✔✔Assets= Liabilities + Equity
Common Stock - ✔✔the total amount paid in by stockholders for the shares they
purchase
Matching Principle - ✔✔Report an expense on its income statement income
statement in the same period as the related revenues.
Auditing - ✔✔The examination of financial statements by a certified public
accountant in order to express an opinion as to the fairness of presentation.
Debit - ✔✔Left side
Every AJE has to include - ✔✔Income statement account and balance sheet
account
Credit - ✔✔Right side
Balance Sheet - ✔✔A financial statement that reports the assets, liabilities, and
owner's equity at a specific date.
Corporation - ✔✔a business organized as a separate legal entity having ownership
divided into transferable shares of stock
, Dividends - ✔✔payments of cash from a corporation to its stockholders
Basic Accounting Equation - ✔✔Assets=Liabilities + stockholders' Equity
Normal Balance - ✔✔Is what increases the account. Debit or credit
Time Period Assumption also called - ✔✔Periodically Assumption
An assumption that the life of a business can be divided into artificial time periods
and that useful reports covering those periods can be prepared for the business. -
✔✔Time period assumption
Double entry accounting - ✔✔A system that records in appropriate accounts the
dual effect of each transaction
Bookkeeping - ✔✔A part of accounting that involves only the recording of
economic events.
Expenses - ✔✔the cost of assets consumed or services used in the process of
generating revenues
Common Stock - ✔✔Term used to describe the total amount paid in by
stockholders for the shares they purchase.
