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Accounting Refresher questions & answers.
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Accounting Refresher questions & answers.

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  • August 29, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting refresher questions answers

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  • Accounting 101
  • Accounting 101

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Accounting Refresher questions &
answers.
valuation allowance ANS - created by a charge against earnings and provide for prospective change in
the value of a companys assets



Market INformation ANS - a permanent material reduction in value, asset value written down- reduced
to market value on the balance sheet with loss of value on the income statement



accrual accounting ANS - reports income when earned and expenses when incurred.



revenue recognition ANS - governs the timing of when a company records its revenues in its accounts.



Revenue ANS - actual or expected cash inflows that result from a business activity. recognized at time of
sale, reguardless of when cash from the sale is collected



sales on credit ANS - are recognized at the time of sale, not when payment is collected.



matching principal ANS - says that revenues and the expenses that generated them should be included
in the same accoutning period, without reguard to when cash is received or expended. relates directly to
the income statemnet, which measures revenue and expenses for long period of time



GAAP four limitations need in your analysis ANS - 1. historical cost can cloud ability to recognize current
values. ex. buying land years ago-cost low & now the land cost is high

2. matching principal can obscure the receipt and payment of cash

3. GAAP alternatives to account some transactions- might be hard to compare financials

4. GAAP permits some industries to use special accounting not used in other industires



GAAP is body of standards and guidelines (3) things ANS - Measurment of a firms economic activity,
preparation & presentation of financial statements, disclosures that provide supporting details about
financial transactions

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