100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
LATEST FINANCIAL ACCOUNTING (MOORPARK COLLEGE) QUESTIONS WITH 100% CORRECT ANSWERS $15.49
Add to cart
Quickly navigate to
Preview
  2.  
  3. FINANCIAL ACCOUNTING
  4.  
  5. FINANCIAL ACCOUNTING

Exam (elaborations)

LATEST FINANCIAL ACCOUNTING (MOORPARK COLLEGE) QUESTIONS WITH 100% CORRECT ANSWERS
 0 purchase
  • Course
  • FINANCIAL ACCOUNTING
  • Institution
  • FINANCIAL ACCOUNTING

LATEST FINANCIAL ACCOUNTING (MOORPARK COLLEGE) QUESTIONS WITH 100% CORRECT ANSWERS LATEST FINANCIAL ACCOUNTING (MOORPARK COLLEGE) QUESTIONS WITH 100% CORRECT ANSWERS

Preview 4 out of 31  pages

Document information

  • August 13, 2024
  • 31
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • FINANCIAL ACCOUNTING
  • FINANCIAL ACCOUNTING

Seller

avatar-seller
ACELEARNERS

Reviews received

Content preview

LATEST FINANCIAL ACCOUNTING (MOORPARK
COLLEGE) 2024-2025 QUESTIONS WITH 100%
CORRECT ANSWERS
Accounting - CORRECT ANSWER System that collects and processes (analyzes,
measures, and records) financial information about an organization and reports that
information to decision makers.



Accounting entity - CORRECT ANSWER Is the organization for with financial data are
to be collected.



The four basic statements: - CORRECT ANSWER 1. Balance Sheet

2. Income Statement

3. Statement of Retained Earnings

4. Statement of Cash flows



Balance Sheet - CORRECT ANSWER Reports the amount of assets, liabilities and
stockholders' equity of an accounting entry at a point in time.



Income Statement - CORRECT ANSWER Reports the revenues less the expenses of
the accounting period.



Statement of Retained Earnings - CORRECT ANSWER Reports the way that net
income and the distribution of dividends affected the financial position of the company
during the accounting period.

,LATEST FINANCIAL ACCOUNTING (MOORPARK
COLLEGE) 2024-2025 QUESTIONS WITH 100%
CORRECT ANSWERS
Statement of Cash Flows - CORRECT ANSWER Reports inflows and outflows of cash
during the accounting period in the categories of operating, investing, and financing.



Basic Accounting Equation - CORRECT ANSWER Assets = Liabilities + Stockholders'
Equity



Assets - CORRECT ANSWER Are the economic resources owned by the company.
Each of these economic resources is expected to provide future benefits to the firm.



Liabilities - CORRECT ANSWER Are the company's debts or obligations. Which will be
paid with assets or services.



Stockholders' Equity (Owners' Equity) - CORRECT ANSWER Indicates the amount of
financing provided by owners of the business and earnings. Is the sum of the contribute
capital + the retained earnings.



Accounting Period - CORRECT ANSWER Is the time period cover by the financial
statements.



Elements of the Income Statement - CORRECT ANSWER Revenues, Expenses and
Net Income.

,LATEST FINANCIAL ACCOUNTING (MOORPARK
COLLEGE) 2024-2025 QUESTIONS WITH 100%
CORRECT ANSWERS
Revenues - CORRECT ANSWER Earnings from the sale of goods or services to
costumers. Revenues are reported whether or not have yet been paid for.



Expenses - CORRECT ANSWER Represent the dollar amount of resources the entity
used to earn revenue during the period.



Net Income ("the bottom line") - CORRECT ANSWER Is the excess of total revenues
over total expenses.



Net Loss - CORRECT ANSWER If total expenses exceed total revenues.



Retained Earning Equation - CORRECT ANSWER Ending Retained Earnings =
(Beginning of Retained Earnings + Net Income) - Dividends



The Cash Flow Statement Equation - CORRECT ANSWER +/- Cash flow from
Operating Activities (CFO)

+/- Cash flow from Investing Activities (CFI)

+/- Cash flow from Financing Activities (CFF)

----------------------------------------

Change in Cash

, LATEST FINANCIAL ACCOUNTING (MOORPARK
COLLEGE) 2024-2025 QUESTIONS WITH 100%
CORRECT ANSWERS
Cash Flow from Operating Activities, and examples - CORRECT ANSWER CFO- Are
cash flow that are directly related to earning income. Example, collecting cash from
costumers, pay salaries, pay bills, pay to suppliers.



Cash Flow from Investing Activities, and examples - CORRECT ANSWER CFI- Are
cash flow related to the acquisition or sale of the company's productive assets. Example,
the purchase of additional equipment.



Cash Flow from Financing Activities, and examples - CORRECT ANSWER CFF- Are
cash flow directly related to the financing of the enterprise itself. Example, the payment
of money to investors and creditors.



Notes - CORRECT ANSWER "Footnotes" provide supplemental information about the
financial condition of a company.



GAAP - CORRECT ANSWER Generally Accepted Accounting Principles, are the
measurement rules used to develop the information in financial statements.



SEC - CORRECT ANSWER Security and Exchange Commission, is the U.S
government agency that determines the financial statements that public companies
must provide to stockholders, and the rules that they must use in producing those
statements.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller ACELEARNERS. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $15.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

63950 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling

Recently viewed by you

Exam (elaborations) ·

(0)

Texas Teacher Certification - TExES ESL Supplemental Exam (154) with Verified Solutions

Summary ·

(0)

gastcollege persoonlijkheidspsychologie - college 7 - persoonlijkheid en peer relations

Exam (elaborations) ·

(0)

Dental Radiology | 88 Updated Questions and Answers with Verified Solutions | (2024-2025)

Exam (elaborations) ·

(0)

NR500NP Week 6: Area of Interest Power Point Presentation Solutions Updated 2022/2023

Exam (elaborations) ·

(0)

WGU C935 - EDUC 3410 Preclinical Experiences in Elementary Education - Comprehensive FA Guide

Other ·

(0)

HIST 405N Week 4 Discussion 2: Reconstruction and the Compromise of 1877 – Graded An A+

Exam (elaborations) ·

(1)

TNCC Exam 8th edition study Guide WITH ALL ANSWERS 100% CORRECT| VERIFIED| 2024 UPDATE

Package deal ·

(0)

ATI RN Fundamentals Proctored Exam| Questions| Correct Answers| accurate! EXAM BUNDLE

Exam (elaborations) ·

(0)

"His-144 Topic 6 Quiz: Reform Movements and Social Justice Exam Questions and Answers
$15.49
  • (0)
Add to cart
Added