2024 Financial Accounting I
NEWEST 2024 – 2025 PRACTICE
EXAM COMPLETE QUESTIONS
AND CORRECT DETAILED
ANSWERS WITH RATIONALES
VERIFIED ANSWERS ALREADY
GRADED A+
Accounting is an information measurement system that... -
ANS-Identifies, records and communicates information
about business activities by interpreting info and designing
info systems to allow business to make better decisions
The Accounting Equation is... - ANS-Assets=Liabilities +
Owner's Equity
$100 = $10 + $90
Assets - ANS-Everything a company owns
Accounts Receivable - ANS-Assets created by selling
goods/services on credit
Liabilities - ANS-Debts created by purchasing
goods/services on credit
Accounts Payable - ANS-liabilities created by purchasing
goods/services on credit
Unearned Revenue - ANS-Liabilities created when a
customer pays before the revenue is earned
Owner's Equity - ANS-Owner's claims against assets
Business Entity(assumption) - ANS-Every business
accounted for separately from other entities, to include its
owners
Cost Principle - ANS-Accounting info based on actual cost
Full Disclosure - ANS-Report all details of financial
statements that could impact user's decisions;often in the
footnotes
Going-concern Principle - ANS-Info that reflects a
presumption a business will continue operating
Matching Principle - ANS-Requires expenses to be reported
in the same period as the revenues earned
Monetary unit Principle - ANS-Transactions to be expressed
in monetary(money) units
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