ScienceEconomicsACCOUNTING example #31835
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ACCOUNTING

Ezra Stewart avatar Ezra Stewart
12 October 2022
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23 test answers

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question
Accounts are records of increases and decreases in individual financial statement items.
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True / False True
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Chart of accounts is a listing of accounts that make up the journal
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True / False False
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The chart of accounts should be the same for each business.
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True / False False
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Accounts payable are accounts that you expect will be paid to you.
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True / False False
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Consuming goods and services in the process of generating revenues results in expenses.
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True / False True
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Accounts
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Are records of increases and decreases in individual financial statement items.
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Accounts are classified in the ledger.
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In accordance with their appearance in the financial statements.
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Which of the following accounts is a stockholders' equity account.
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Common stock
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The gross increases in stockholders' equity attributable to business activities are called
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Revenues
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A chart of accounts is
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Used in the place of the ledger.
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The unearned revenue is an example of liabilities
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True / False True
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For most large business the cash basis of accounting will provide for all users
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True / False False
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A deferred revenue would be unearned rent.
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True / False True
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No benefit in providing financial statements in order.
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True / False False
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Accounting is an information system that provides reports to users about the economic activities and condition of a business
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True / False True
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Under the business entity concept, the activities of a business are recorded separately from the activities of its owners, creditors, or other businesses.
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True / False True
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The accounting equation
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Assets = Liabilities + Stockholders' Equity
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When revenues exceed expenses, it is referred to as net income, net profit, or earnings, when expenses exceed revenues, it is referred to as net loss
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True / False True
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Income statement
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Fees earned Expenses : (Wage, Rent, Supplies, Utilities, Misc.) Net Income
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Retained earnings statement
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Retained earnings Net Income Less Dividends Increase in retained earnings
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Statement of cash flows
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Operating activities Investing activities Financing activities
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Balance sheet
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Assets, liabilities, stockholders' equity ( Cash, supplies, land = Assets) (Accounts payable = Liabilities) (Common stock, retained earnings = StockEquity)
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Generally accepted accounting principles (GAAP)
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Used in preparing financial statements