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BUNDLE - ACCT EXAMS

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acct exam 1 questions & answers 2023/2024

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acct exam 1 questions & answers 2023/2024 primary objective of balance sheet 1) measure net income of business 2) report difference between cash inflows and outflows 3)report financial position of reporting entity 4)report market value of assets, liabilities, stocholders equity - ANSWER-fin...

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acct exam 1 questions & answers 2023/2024

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acct exam 1 questions & answers 2023/2024 Income statement - ANSWER-revenue-expenses=net income (loss) -NET INCOME IS NEEDED TO DETERMINE THE ENDING BALANCE IN RETAINED EARNINGS statement of retained earnings - ANSWER-beginning retained earnings+net income-dividends=end retained earnings ...

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Acct. Exam 1 Questions & Answers 2023/2024

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Acct. Exam 1 Questions & Answers 2023/2024 Financial Statements Required by GAAP - ANSWER--Balance Sheet -Income Statement -Statement of Cash Flows -Statement of Changes in Stock Equity Who is the audience of Financial Accounting? - ANSWER-Focuses on the needs of external users -Investo...

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ACCT Exam 1 Questions & Answers 2023/2024

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ACCT Exam 1 Questions & Answers 2023/2024 Which of the following is not an asset account? - ANSWER-Common Stock Which of the following statements describe transactions that would be recorded in the accounting system? - ANSWER-An exchange of an asset for a promise to pay Total assets on a ...

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Acct Exam 1 Questions & Answers 2023/2024

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Acct Exam 1 Questions & Answers 2023/2024 sole proprietorship - ANSWER-business owned by one person + simple to establish, full control, tax advantage partnership - ANSWER-business owned by 2 or more people; often formed if one doesn't have enough economic resources or partner brings uniqu...

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Accounting 200 Exam 1 Questions & Answers 2023/2024

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Accounting 200 Exam 1 Questions & Answers 2023/2024 account payable - ANSWER-a liability backed by the general reputation and credit standing at the debtor. accounting - ANSWER-the information system that measures business activities, processes that information into reports and financial sta...

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Acct Exam 1 Questions & Answers 2023/2024

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Acct Exam 1 Questions & Answers 2023/2024 Who are the internal users of accounting information? - ANSWER-Managers, Administrators, Controllers, Production, Human Resource or Marketing personnel Who are the external users of accounting information? - ANSWER-Lenders, Creditors, Bank loan offic...

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Accounting Practice Exam Questions & Answers 2023/2024

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Accounting Practice Exam Questions & Answers 2023/2024 A T-account is: - ANSWER-a way of depicting the basic form of an account The ledger, book of final entry, has accounts to be arranged in: - ANSWER-financial statement order Which is NOT an application of the Revenue Recognition Princi...

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Accounting test questions and answers 2023/2024

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Accounting test questions and answers 2023/2024 The two main qualities of accounting are - ANSWER-Relevance and reliability The largest organization of professional accountants - ANSWER-AICPA The FASB is responsible for establishing - ANSWER-GAAP The owners interest in the assets of a ...

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Financial Accounting Exam 1 Questions & Answers 2023/2024

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Financial Accounting Exam 1 Questions & Answers 2023/2024 creditors - ANSWER-persons or entities to whom a company owes money amount owed to creditors - ANSWER-liabilities note payable - ANSWER-liability to the bank bonds payable - ANSWER-debt securities sold to investors that must be ...

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ACCT Exam 1 Questions & Answers 2023/2024

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ACCT Exam 1 Questions & Answers 2023/2024 Three forms of business organization - ANSWER-sole proprietorship, partnership, corporation Sole Proprietorship - ANSWER-simple to establish, owner controlled, tax advantages Partnership - ANSWER-simple to establish, shared control, broader skills...

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Accounting Exam 1 Questions & Answers 2023/2024

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Accounting Exam 1 Questions & Answers 2023/2024

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ACCT Exam 1 Questions & Answers 2023/2024

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ACCT Exam 1 Questions & Answers 2023/2024 Internal users - ANSWER-Someone who works inside the bussiness. Finance, management, marketing, Human Resources External users - ANSWER-Banks, shareholders, investors, IRS, Community members (sometimes internal) Forms of ownership - ANSWER-sole pr...

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Accounting Exam 2 Questions & Answers 2023/2024

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Accounting Exam 2 Questions & Answers 2023/2024 Which of the following does NOT describe an income statement? a. summarizes the results of a company's operating activities for a specific accounting period b. also known as a statement of assets c. used by investors to help judge their retur...

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acct exam 1 questions & answers 2023/2024

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acct exam 1 questions & answers 2023/2024 Relevance - ANSWER-can impact a decision maker's decision Predictive value - ANSWER-Help us predict future cash flows/net income materiality - ANSWER-omitting or mistaking it can affect decision makers decision Confirmatory value - ANSWER-Conf...

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Accounting 101 Exam CH 1-4 Questions & Answers 2023/2024

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Accounting 101 Exam CH 1-4 Questions & Answers 2023/2024 Accounting Equation - ANSWER-Assets= Liabilities + stockholder's equity Assets - ANSWER-Resources owned by company Liabilities - ANSWER-Rights of the creditors or amounts owed to creditors Equity - ANSWER-Rights of the owner ...

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ACCT Exam 1.0 Questions & Answers 2023/2024

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ACCT Exam 1.0 Questions & Answers 2023/2024 GAAP stands for? -governmental auditing and accounting practices. -government audit and attest policies. -generally accepted accounting principles. -generally accepted attest principles. - ANSWER-generally accepted accounting principles Account...

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