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ACCT 2401 Ch 1-4

Cenage Notes Questions & Answers for Corporate Accounting

QuestionAnswer
A manufacturing business: is an organization that changes basic inputs into products that are sold to individual customers.
Accounting is defined as: an information system that provides reports to shareholders about the economic activities and condition of a business.
Which of the following best describes accounting? Can be thought of as the "language of business."
The accounting equation can be expressed in all of the following ways EXCEPT: liabilities = assets + stockholders' equity.
Which of the following is true regarding business transactions? All business transactions can be stated in terms of changes in the elements of the accounting equation.
The financial statements and the order in which they are prepared is: Income Statement, Retained Earnings Statement, Balance Sheet, and Statement of Cash Flows.
The Income Statement: reports the revenues and expenses for a period of time based on the matching concept.
Retained Earnings Statement: reports the changes in retained earnings for a period of time.
The Balance Sheet: reports the amount of an organization's assets, liabilities, and stockholders' equity at the end of a period.
The Statement of Cash Flows: consists of three sections-(1) operating activities, (2) investing activities, and (3) financing activities.
Created by: chellejenkins
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