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
Accounting chapter 1, 2, 3 questions with actual answers. $9.59   Add to cart
Quickly navigate to
Preview
  2.  
  3. Accounting 101
  4.  
  5. Accounting 101

Exam (elaborations)

Accounting chapter 1, 2, 3 questions with actual answers.
 5 views  0 purchase
  • Course
  • Accounting 101
  • Institution
  • Accounting 101

Accounting chapter 1, 2, 3 questions with actual answers.

Preview 2 out of 7  pages

Document information

  • August 29, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • accounting chapter 1 2 3 questions with actual a

Written for

  • Accounting 101
  • Accounting 101

Seller

avatar-seller
Professorkaylee

Content preview

Accounting chapter 1, 2, 3 questions
with actual answers.

Financial Accounting ANS - Provides info to external users via financial statements



Managerial accounting ANS - provides info to internal users via internal reports



Generally accepted accounting principles ANS - GAAP



SEC ANS - Securities and exchange commission (sets GAAP, that is issued by FASB). Establishes
reporting requirements and sets GAAP for companies that issue stock



Financial Accounting Standards Board ANS - Private group that issues GAAP and set both broad and
specific principles



IASB ANS - Same as FASB but internationally



Sarbanes-Oxley Act of 2002 ANS - Aims at curbing financial abuses by companies that issue stock to the
public. Requires that public companies apply both accounting oversight and stringent internal controls
to ensure more transparency, accountability and truthfulness in reporting transactions



Measurement Principle (cost principle) ANS - Accounting info should be based on actual cost



Revenue Recognition Principle ANS - Provides guidance on when a company must recognize revenue.
Revenue is recorded only when the service is complete.



Matching principle ANS - Record expenses that were incurred to generate the revenues recorded in the
accounting period

, Full disclosure principle ANS - Requires a company to include all info in financial statements that would
impact users decisions



Going-Concern Assumption ANS - Accounting info reflects the presumption that the business will
continue operating



Monetary Unity Assumption ANS - Transactions are expressed using "money" as a common
denominator



Time Period Assumption ANS - The life of a business can be divided into distinct time periods, such as
months and years



Business entity assumption ANS - A business is accounted for separately from its owner or other
business entities



Assets ANS - Resources owned or controlled by a company



liabilities ANS - Creditors claim on assets



Equity ANS - Owner's claim on assets



Retained Earnings ANS - Income not distributed to shareholders

Revenue, expenses and dividends



Retained earnings ANS - Beginning Balance

+/- net income/loss (Rev-exp)

-dividends



Determining Equity ANS - Begin Balance

+additional investments

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 Professorkaylee. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.59. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67232 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$9.59
  • (0)
  Add to cart