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BAM 110 BAM110 Exam 1 with Answers (CCU)


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Using accrual accounting, revenue is recorded and reported only ______.

Costs incurred to earn revenue are referred to as _____.

Accrued revenue is shown on a balance sheet as ______.

JNC Co. buys equipment for $1,500,000 cash. This transaction ______.

Under a _____, a business designs products that possess unique attributes or characteristics for which customers are willing to pay more.

JNC Company sells its products for cash, at a profit of 20%. Which of the following financial statement elements are affected as a result of this transaction?

_____ is the increase in assets from selling products or services.

_____ is an example of internal stakeholders.

The portion of a corporation’s net income that is paid out to the stockholders, instead of being retained in the business, is referred to as ______.

Which of the following is NOT a characteristic of a corporation?

The gross increases in stockholders’ equity attributable to business activities are called ______.

Which of the following is NOT reported as revenue on the income statement?

Johnson, Inc. purchased land for cash. What effect does this transaction have?

Which of the following statements is prepared with various sections, subsections, and captions?

Identify the item that should be treated as a deferred expense by a company.

A deferred expense is initially recorded as ______.

Which of the following is considered to be a liability?

Expenses can be defined as ______.

A _____ is an economic event that under generally accepted accounting principles affects an element of the financial statements and must be recorded.

Rights to payments from customers are ______.

In the case of a failing company, the first claim to the company’s assets lies with ______.

Motel 6, a company that has budget motels across the nation, is an example of a business using which of the following?

A to Z Corporation purchased a building for $80,000 cash. On the statement of cash flows, the transaction would be classified as ______.

Jade Inc. paid rent of $25,000 for the current month. This transaction ______.

The portion of a corporation’s net income retained in the business is called:

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