ACCT || 2101 || Exam || 1 || with || accurate || detailed || solutions
liabilities || - || ✔✔probable || debts || or || obligations || of || the || business || enterprise || that || result || from || past ||
transactions, || which || will || be || paid || with || assets || or || services
stockholders' || equity || - || ✔✔financing || provided || by || the || owners || of || a || business || enterprise || and || from ||
business || operations
operating || cycle || - || ✔✔time || it || takes || for || a || company || to || pay || suppliers, || sell || goods || and || services || to ||
customers, || and || collect || case || from || customers
revenues || - || ✔✔increases || in || assets || or || settlements || of || liabilities || from || ongoing || operations
expenses || - || ✔✔decreases || in || assets || or || increases || in || liabilities || incurred || to || generate || revenues || during ||
an || accounting || period
cash || basis || accounting || - || ✔✔an || overall || method || of || accounting || that || records || revenue || when || cash || is ||
received || and || expenses || when || cash || is || paid
accrual || basis || accounting || - || ✔✔an || overall || method || of || accounting || that || records || revenue || when || earned ||
and || expenses || when || incurred
revenue || principle || - || ✔✔principle || that || revenues || are || recognized || when || (1) || goods || or || services || are ||
delivered, || (2) || there || is || persuasive || evidence || of || an || arrangement || for || customer || payment, || (3) || the || price ||
is || fixed || or || determinable, || and || (4) || collection || is || reasonably || assured
balance || sheet || - || ✔✔statement || that || reports || the || amount || of || assets, || liabilities, || and || stockholders' || equity
|| of || a || business || enterprise || at || a || specific || point || in || time
