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ACC 201 exam #1

QuestionAnswer
operating activities running the business day to day (rent, wages, utilities)
investing activities buying/selling long term-assets (equipment, buildings)
financing activities borrowing money or dealing with owners (loans, stocks, dividends)
assets accounts that represent the resources of the company
liabilities amount owed to creditors
stockholders' equity owners’ claims to the company’s resources
revenue amount recognized when the company sells products or provides services to a customer
expenses the cost of providing goods and services to customers
dividends distributions to the owners of the company
income statement revenues - expenses = net income
balance sheet financial statement provides information at a point in time only
accounts receivable (A/R) money customers already owe you
deferred revenue money a company has received in advance for goods or services it hasn’t delivered yet.
Created by: bluepenguin10
 

 



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