Exam (elaborations)

ACC 6501 Exam 1 Review Questions and Answers 100% Solved Graded A+

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ACC 308

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ACC 308

ACC 6501 Exam 1 Review Questions and Answers 100% Solved Graded A+ What does it mean to state that the accounting process should support decisions and informed judgments? - It means that accounting is a service activity that helps many different users of accounting information who use the info...

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Uploaded on September 26, 2024
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acc 6501

Institution ACC 308
Course ACC 308

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ACC 6501 Exam 1 Review Questions and

Answers 100% Solved Graded A+

What does it mean to state that the accounting process should support

decisions and informed judgments? - ✔✔It means that accounting is a

service activity that helps many different users of accounting information

who use the information in many ways

What does it mean to work in public accounting? - ✔✔It means to perform

professional services for clients principally in the areas of auditing, income

tases, management consulting, and/or accounting systems evaluation and

development.

What does it mean to be a CPA? - ✔✔It means that the individual has met

the educational requirements and has passed the uniform examination.

Subsequently, the individual has met the experience requirements and has

applied for and been issued a license by the state board of accountancy

granting the individual the right to practice as a Certified Public Accounting.

What does it mean to state that generally accepted accounting principles

are not a set of rules to be blindly followed? - ✔✔It means that generally

,accepted accounting principles sometimes permit alternative ways of

accounting for identical transactions, thus requiring professional judgment,

and that these principles are still evolving

What does it mean when the FASB issues a new Accounting Standards

Update? - ✔✔It means that the FASB has completed an extensive process

of research and development, including receiving input from interested

individuals and organizations, and has made an authoritative

pronouncement (i.e., an Update to the FASB codification) that defines

accounting and reporting for a specific activity or transaction and becomes

a generally accepted accounting principle.

What does it mean that the FASB and IASB have been working together to

achieve convergence? - ✔✔It means that the FASB is committed to

working with the IASB to ensure that a solution can be reached whereby

US accounting standards will eventually be merged with international

accounting standards to the greatest extent possible.

What does it mean to state that ethical behavior includes being objective

and independent? - ✔✔It means that the individual is impartial, free from

conflict of interest, and will not receive a personal gain rom the activity in

which she or he is involved.

, What does it mean to state that the objectives of financial reporting given in

Statements of Financial Accounting Concepts No. 8 provide a framework

for this text? - ✔✔It means that the accounting and financial reporting

topics explained in the financial accounting part of the text should:

- related to external financial reporting

- support business and economic decisions

- provide information about cash flows

- focus on earnings based on accrual accounting

- not seek to directly measure the value of a business enterprise

- report information that is subject to evaluation by individual financial

statement users

What does it mean to say that there has been an accounting transaction

between you and your school? Give an example of such a transaction. -

✔✔It means that there has been some sort of economic interchange; for

example, you have agreed to pay tuition in exchange for classes.

What does it mean to refer to a balance sheet for the year ended August

31, 2020? - ✔✔It means the persons doing this is really mixed up because

the balance sheet presents data as a point in time. It's a balance sheet as

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Exam (elaborations)

ACC 6501 Exam 1 Review Questions and Answers 100% Solved Graded A+

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