ACCT 110 Exam #1 Review

What is the expanded Accounting equation?

If a Company pays Cash to buy Land, then both accounts would be what type of accounts?

What is the acronym for the accounting rules established by the FASB?

Which financial statement would the Land account go on?

The matching principle matches which 2 accounts together?

What are the 3 sections of the Statement of Cash Flows?

What are inventory costs commonly called?

Which Financial Statement should be prepared first?

What is the basic Accounting equation?

Who is responsible for shipping under the terms FOB Shipping Point?

What kind of account is Unearned Revenue?

What is it called when you pay Cash before incurring the benefit of the cost?

Sales - Cost of Goods Sold = ?

Which section on the Statement of Cash Flows would the purchase of inventory with cash go under?

What is an obligation a business has to its creditors called?

What are the 3 temporary accounts?

Which kind of account is the Merchandise Inventory account?

A Company obtained Cash by leasing campsites to customers. What two accounts would be affected?

Which item is normally a deduction to Retained Earnings on the Statement of Stockholders' Equity?

Which financial statement lists all of the Assets, Liabilities, & Stockholders' Equity of the Company?

Which system of inventory do most modern companies utilize?

An Income Statement lists which of the following 2 items?

The accounting information that is geared towards external users is called:

What kind of account is Cash?

What does 2/10, n/45 mean?

A Company paid Cash for advertising costs. What 2 accounts are affected?

What are the 2 components of Stockholders' Equity?

What does a Sales Discount do to Retained Earnings?

What are the 2 shipping terms discussed in Chapter 3?

A Company acquired an additional amount of Cash by borrowing from a creditor. What two accounts are affected?