100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Financial Accounting Exit Exam USD- Questions 100% Solved $10.49   Add to cart

Exam (elaborations)

Financial Accounting Exit Exam USD- Questions 100% Solved

 7 views  0 purchase
  • Course
  • Financial Accounting
  • Institution
  • Financial Accounting

Financial Accounting Exit Exam USD- Questions 100% Solved Generally accepted accounting principles (GAAP) - answer-Rules that govern accounting, based on a conceptual framework -Goal: to provide useful information to those making investment and lending decisions Types of businesses organizatio...

[Show more]

Preview 2 out of 8  pages

  • October 18, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Financial Accounting
  • Financial Accounting
avatar-seller
sirjoel
©SIRJOEL EXAM SOLUTIONS
10/11/2024 1:41 PM



Financial Accounting Exit Exam USD-
Questions 100% Solved


Generally accepted accounting principles (GAAP) - answer✔-Rules that govern accounting,

based on a conceptual framework

-Goal: to provide useful information to those making investment and lending decisions


Types of businesses organizations - answer✔Proprietorship, partnership, corporations, Limited

Liability companies


Accounting period - answer✔Businesses prepare financial statements for specific periods to

evaluate performance


Revenue recognition principle - answer✔Record revenue when it is earned


When service is provided or product delivered at the value or service transferred to customer


Matching principle - answer✔-measure all expenses incurred during the accounting period


-Match the expenses against the revenues earned during the same period


Time period concept - answer✔-Requires that accounting information be reported at regular

intervals

, ©SIRJOEL EXAM SOLUTIONS
10/11/2024 1:41 PM


-accounts are updated at the end of each accounting period


Entity concept - answer✔separate the owners (person transactions) of the business from the

transactions the company is involved in


Reliability Principle - answer✔you can verify and look at to make sure what is on the financial

statement is on their and accurate


Cost Principle - answer✔You are being able to record things at a certain value (what dollar value

it cost you for a particular item)


Going concern Principle - answer✔We are able to can believe that the company will be able to

operate in the net year

- the company will be a company next year


Monetary unit Principle - answer✔We are recording things in the books with a dollar value


Consistency Principle - answer✔Businesses should use the same accounting methods from

period to period


Disclosure principle - answer✔Companies should report enough information for outsiders to

make decisions about the company


Materiality principle - answer✔Companies must follow accounting rules for significant items

(significant- cause a user to change decision)

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 sirjoel. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67866 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
$10.49
  • (0)
  Add to cart