Exam (elaborations)
MBA 620 Quiz 1 Questions And Answers Latest Update
- Course
- MBA 620
- Institution
- Southern New Hampshire University
MBA 620 Quiz 1 Questions And Answers Latest Update
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Solution 2024/2025Pepper
MBA 620 Quiz 1 Questions And Answers Latest
Update
Historical Cost ANS✔✔ Report activities at their cash value at the time of the
transaction
Fair Market Value ANS✔✔ Report the value of a transaction or asset/liability
at the value that one would receive in the market
Realization ANS✔✔ Receiving or paying cash; cash basis
Recognition ANS✔✔ Recording the transaction based on accounting rules;
right to payment or obligation to pay; accrual basis
Revenue Recognition ANS✔✔ Report revenue when earned and right to
payment
Expense Recognition ANS✔✔ Report expense when obligated to pay
Conservatism ANS✔✔ In general, when faced with a decision of equally liked
outcomes choose the one that minimizes profit
Gain recognition ANS✔✔ Only record a gain when it happens
Loss recognition ANS✔✔ Record a loss when its likely to happen
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