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MHA 706 Module 2 (LSUS MHA 706) with Complete Solutions
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MHA 706 Module 2 (LSUS MHA 706) with Complete SolutionsMHA 706 Module 2 (LSUS MHA 706) with Complete SolutionsMHA 706 Module 2 (LSUS MHA 706) with Complete SolutionsMHA 706 Module 2 (LSUS MHA 706) with Complete SolutionsFinancial Accounting - ANSWER-involves identifying, recording and communicating...

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  • October 10, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mha 706 module 2 lsus mha 706 with complete solu
  • mha 706 module 2 lsus mha 706 stuvia
  • financial accounting answer involves identifying

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MHA 706 Module 2 (LSUS MHA

706) with Complete Solutions


Financial Accounting - ANSWER-involves identifying, recording and

communicating the operational results and status of organization. (i.e.

income statement, statement of changes in equity, balance sheet, and

statement of cash flows)




Do not for profit organizations have to prepare financial statements? -

ANSWER-Yes- they also have stakeholders and managers that have an

interest in financial reporting




Should the preparation and presentation of financial accounting data be

regulated? - ANSWER-Yes, it is important to have financial reporting that is

accurate and based on reliable data.

Monetary unit - ANSWER-in the US, the unit is the US dollar, unadjusted for

inflation and deflation

,Historical costs - ANSWER-Requires most assets to be valued at acquisition

(historical) costs rather than fair market (current) value




Revenue recognition - ANSWER-Revenues must be recognized in the period

in which they are realizable and earned




SEC - ANSWER-has legal authority to regulate the form and content of

financial statements




GAAP- applies only to financial accounting statements - ANSWER-The

conventions that have evolved from the pronouncements and rulings of the

implementing organizations constitute a set of guidelines for the preparation

of financial accounting statements




Does GAAP remain static over time? - ANSWER-no, because business

practices are continuously evolving, so GAAP also has to adapt accordingly.




Assumptions - ANSWER-accounting entity, going concern, periodicity, and

monetary unit

, Accounting entity - ANSWER-the specific entity for which the statements

apply can be defined




Transaction - ANSWER-is an exchange of goods (including cash) or services

from one individual or business to another




unique activity - ANSWER-once a transaction is identified, it must be

recorded or posted to an account




chart of accounts - ANSWER-assign numeric identifiers to individual accounts




Double entry system - ANSWER-journal entries are always posted twice




Going concern - ANSWER-it is assumed that the entity will have an indefinite

lifetime rather than be liquidated in the near future




Expense matching - ANSWER-Expenses must be matched (in time) to the

related revenues

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