Act 6691- Troy University - Final (Ch 9-15) (100% Correct Answers)
The purpose of accounting is to provide financial information to: - (answer)Investors, Managers, and the
government
People ______ and ______ the company use accounting information for a variety of purposes. -
(answer)inside and outside
Assets - (answer)money and other valuables belonging to an individual or business
Liabilities - (answer)contains the word "payable" and is unearned
Owner's Equity - (answer)the amount remaining after the value of all liabilities is subtracted from the
value of all assets
Owner's equity is also known as: - (answer)Capital
Four words to recognize revenue: - (answer)Revenue, Income, Sales, Earned (RISE)
Three words to recognize expenses: - (answer)Expense, Expired, Used
An expense is recorded when - (answer)the service is performed
What items are always considered and expense? - (answer)Gasoline, Utilities, Taxes, Salaries, Rent and
Insurance (one month), repairs, and advertising
Net Income Formula - (answer)Revenue - Expenses
The Accounting Equation - (answer)Assets = Liabilities + Owner's Equity
The purpose of accounting is to provide financial information to: - (answer)Investors, Managers, and the
government
People ______ and ______ the company use accounting information for a variety of purposes. -
(answer)inside and outside
Assets - (answer)money and other valuables belonging to an individual or business
Liabilities - (answer)contains the word "payable" and is unearned
Owner's Equity - (answer)the amount remaining after the value of all liabilities is subtracted from the
value of all assets
Owner's equity is also known as: - (answer)Capital
Four words to recognize revenue: - (answer)Revenue, Income, Sales, Earned (RISE)
Three words to recognize expenses: - (answer)Expense, Expired, Used
An expense is recorded when - (answer)the service is performed
What items are always considered and expense? - (answer)Gasoline, Utilities, Taxes, Salaries, Rent and
Insurance (one month), repairs, and advertising
Net Income Formula - (answer)Revenue - Expenses
The Accounting Equation - (answer)Assets = Liabilities + Owner's Equity
