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ACCT 110 > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

external users - financial statements
summarizes past
measures value

A

financial

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2
Q

internal users
emphasis is on future decisions
detailed

A

managerial

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3
Q

inflows (bank, shareholders, owners)
outflows (dividends, distributions, loan payments)

A

financing

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4
Q

inflows (sale of assets- building, furniture)
outflows (building, equipment)

A

investing

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5
Q

inflows (sale of goods/services)
outflows (utilities, rent, salaries, sales leads; pays for expenses)

A

operating

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6
Q

owned by 1 person
easy to establish (benefit)
complete control of the business (benefit)
personally liable (con)

A

sole proprietorship

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7
Q

2 or more individuals
share capital, risks, rewards
partnership agreement (lawyer)
personally liable

A

partnership

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8
Q

separate legal entity
articles of incorporation
follows state laws governed
double taxation
stockholders are NOT liable
continuity existence
easily transfer ownership

A

corporation

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9
Q

cash
accounts receivable
office supplies
equipment
building

A

assets

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10
Q

obligations a business has to its creditors
accounts payable
notes payable (loan)

A

liabilities

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11
Q

company’s commitment to stockholders
common stock
retained earnings
dividends

A

stockholders equity

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12
Q

assets = liabilities + stockholders equity (common stock + retained earnings [revenue - expenses - dividends])

A

basic equation

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13
Q

used in 1 year or less

A

current

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14
Q

lasts for more than a year

A

noncurrent

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15
Q

reported for a period of time
net income/loss

A

income statement

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16
Q

revenue - expenses

A

net income/loss equation

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17
Q

reported for the same period of time as the income statement

A

statement of retained earnings

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18
Q

beginning retained earnings +/- net income/loss - dividends

A

ending retained earnings equation

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19
Q

balance sheet

A

covers a point in time

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20
Q

assets = liabilities + stockholders equity

A

balance sheet equation

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21
Q

increasing
issuing common stock, borrow from creditors, through earning activities (revenue)

A

asset source

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22
Q

no change
using cash to pay for office supplies, equipment, etc

A

asset exchange

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23
Q

decreasing
cash to pay for expenses or dividends

A

asset use

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24
Q

land

A

asset

25
Q

dividends

A

equity

26
Q

retained earnings

A

equity

27
Q

sales revenue

A

revenue

28
Q

advertising expense

A

expense

29
Q

bonds payable

A

liability

30
Q

office supplies

A

asset

31
Q

accounts receivable

A

asset

32
Q

rent expense

A

expense

33
Q

accounts payable

A

liability

34
Q

salaries expense

A

expense

35
Q

sales tax payable

A

liability

36
Q

building

A

asset

37
Q

merchandise inventory

A

asset

38
Q

rent revenue

A

revenue

39
Q

common stock

A

equity

40
Q

notes receivable

A

asset

41
Q

insurance expense

A

expense

42
Q

supplies expense

A

expense

43
Q

notes payable

A

liability

44
Q

service revenue

A

revenue

45
Q

cash

A

asset

46
Q

equipment

A

asset

47
Q

supplies

A

asset

48
Q

acquired cash from owners

A

financing

49
Q

borrowed cash from creditors

A

financing

50
Q

paid cash to purchase land

A

investing

51
Q

earned cash revenue

A

operating

52
Q

paid cash for salary expenses

A

operating

53
Q

paid cash dividend

A

financing

54
Q

paid cash for interest

A

operating

55
Q

fraud or theft requires collusion (separated, not duplicated)

A

separation of duties

56
Q

the process is designed to ensure reliable financial reporting

A

internal control

57
Q

unadjusted bank balance + deposits in transit - outstanding checks = adjusted cash balance

A

adjustments to the bank balance equation

58
Q

unadjusted book balance + accounts/notes receivable + interest earned - bank service fees - non-sufficient funds (NSF) = adjusted cash balance

A

adjustments to the book balance equation

ACCT 110 (4 decks)

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