CACC100 Porter Chapter 2 - Student Copy.ppt

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2-1
ACC100
Introductory Financial Accounting
Chapter 1 REVIEW
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2-2
The right to receive money in the future is called
a(n):
A. Account payable
B. Account receivable
C. Unearned revenue
D. None of the above.
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2-3
Cost of goods sold is a(n):
A. Asset
B. Liability
C. Revenue
D. Expense
E. None of the above.
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Document Summary

The right to receive money in the future is called a(n): account payable, account receivable, unearned revenue, none of the above. Cost of goods sold is a(n): asset, liability, revenue, expense, none of the above. The accounting equation may be expressed as: assets = shareholders" equity liabilities. Shareholders" equity = assets + liabilities: liabilities = shareholders" equity assets. Shareholders" equity = assets liabilities: none of the above. Started the year with total assets of ,000 and total liabilities of ,000. During the year the business recorded ,000 in car repair revenues, ,000 in expenses, and ,000 of dividends. Shareholders" equity at the end of the year was: To those willing to take the time to understand it. Representational faithfulness info that corresponds to an actual event. The information should not be slanted in any way. Relevant accounting information: is information that has been audited. A: must be reported within a short period of time.

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