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About this document
- Pages
- 9 pages
- Price
- $9 one-time, yours to keep
- Membership
- Included in every plan
- Format
- Subject
- Accounting
- Module
- Week 5 · Week 5
This document contains answers to the ACC 300 Week 5 final exam. It covers key accounting concepts and helps students prepare for their final exam.
What's inside
- Identifying assets and journal entries
- Recording revenue and collections
- Capitalizing assets and liabilities
- Classifying assets on a balance sheet
- Calculating current assets, property, plant, and equipment
- Determining working capital and current ratio
Who it is for: Students taking ACC 300, Week 5. (Undergraduate)
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Summary
Accounting is about recording and reporting financial information. A student gets practice with multiple-choice questions on basic accounting concepts.
Assets and liabilities
Assets are things a business owns. Liabilities are amounts a business owes. The document asks which items are assets and which are liabilities.
Journal entries
Journal entries record business transactions. The document asks which journal entries are correct for given transactions. Transactions involve buying supplies, earning revenue, collecting money and buying equipment.
Financial statements
Financial statements report a business's financial position and performance. The document asks which financial statements include certain items. Items include revenues, expenses, assets, liabilities, financing activities, operating activities and investing activities.
Accounting calculations
Accounting calculations measure a business's financial health. The document asks students to calculate working capital, current ratio, earnings per share and debt to total assets.
Key terms
- Assets
- What a business owns.
- Liabilities
- What a business owes.
- Journal entries
- How business transactions are recorded.
- Financial statements
- Reports that show a business's financial position and performance.
- Working capital
- Current assets minus current liabilities.
- Current ratio
- Current assets divided by current liabilities.
Questions this document helps with
- What are assets and liabilities?
- How are business transactions recorded?
- What do financial statements show?
Summary written with AI from the document's text.
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