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Accounting 100 Final Exam With Questions And 100% ALL SURE ANSWERS
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JACKLINEAccounting 100 Final Exam With Questions And 100% ALL SURE ANSWERS
Terms in this set (180)
What are the financial statements? Income Statement, Retained earning, Balance sheet, Cash flow statement
Refers specifically to the records and related reports that are available to people outside of the
What is financial accounting?
company.
Are those transactions that raise funds for the company to operate or expand. (Common stock
What are Financing Activities?
and debt)
Are the transactions in which the company is investing in assets that it will use in its business
What are Investing Activities?
operations.
Are all of the other transactions that a business engages in which cannot specifically be classified
What are operating activities?
as financing or investing. (Rent, salaries, insurance)
What is the principal of debt? The legal right to receive back the money loaned.
Transactions that are classified as investing activities are purchases made of property that is (1)
What are fixed assets? likely to last a number of years and (2) expected to be used in the operations of the business
rather than sold as part of the company's general operations.
Accounting
What are stockholders? 100 Final Exam
They are owners of the company.
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, True or False: Buying a building is an investing True
cash flow.
True or False: Selling stock to stockholders is an False
investing cash flow.
Dividends are what? Payments made to stockholders. Share of profit.
10k = annual financial reports
Form 10k vs 10Q 10Q = quarterly financial reports
Both required by the SEC
True or False: annual reports must be audited by True
an outside, independent auditor.
What is the Independent auditor/ external To audit a company's annual report. Also issue their opinion of the financial statement to give
auditor's job? assurance to stockholders, creditors, and any other interested parties
They (1) are not employees of the company they are auditing and (2) do not own a substantial
What makes an auditor independent?
investment in this company.
The mechanisms in place within a company which inspire managers to report the truth in their
What is corporate governance?
financial statements.
What are the three mechanisms in place to inspire Reputation, legal liability, and ethics.
managers to report the truth on financial
statements?
What does GAAP stand for? Generally Accepted Accounting Principles
Set of rules a company must follow when creating their financial statements.
What is GAAP?
Outlines how to record transactions, usual and unusual.
What is FASB? Financial Accounting Standards Board. They oversee the GAAP rules.
International Financial Reporting Standards and International Accounting Standards Board.
What is the IFRS and IASB?
Similar to GAAP and FASB.
What is the difference between GAAP and IASB? GAAP is "rules-based" and IASB is "principles-based"
Accounting 100 Final Exam
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