Exam (elaborations)

WSU Accounting 230 Questions And Answers Graded A+ 2024.

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WSU Accounting 230

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WSU Accounting 230

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wsu accounting 230 questions and answers graded a

Institution WSU Accounting 230
Course WSU Accounting 230

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WSU Accounting 230 Questions And
Answers Graded A+ 2024.

Two primary functions of financial accounting - correct answer. 1) Measure business
transactions
2) Communicate those measurements to people to make decisions

Three objectives of financial accounting - correct answer. 1) Measure the relevant
transactions of a company
2) Communicate these business activities to outside to company
3)

GAAP - correct answer. The rules of financial accounting in the US set by FASB

Three types of business activites - correct answer. 1) Operating: relate to earning
revenues and incurring expenses
2) Investing: generally include the purchase or disposal of productive assets and
investments
3) Financing: include transactions with lenders and owners

Three forms of business - correct answer. 1) Sole proprietorship: owned by single
person (personally responsible and lower taxes)
2) Partnership: owned by two or more people (personally responsible and lower taxes)
3) Corporation: legally separate from its owners (limited liability/not personally
responsible)

Four primary financial statements - correct answer. 1) Income Statement
2) Statement of Stockholder's Equity
3) Balance Sheet
4) Statement of Cash Flows

Income statement - correct answer. Revenues - Expenses = Net Income

Statement of Stockholder's Equity - correct answer. Common Stock: beginning +
issuances + Retained Earnings: beginning + net income -
dividends = S. E.

, Balance Sheet - correct answer. Assets = Liabilities + Stockholders Equity

Statement of Cashflow - correct answer. Operating + Investing + Financing = Total
Cash Flows

Time periods represent by each financial statement - correct answer. Income
statement: current period
Statement of S.E.: for each period
Balance Sheet: particular date
Statement of Cash Flows: for the period

How are the financial statements connected?? - correct answer. Income statement
has net income which is apart of R.E. in the statement of S.E. The S.E. is used in the
balance sheet and the cash from assets in the balance sheet are the results of the
statement of cash flows

Main two organizations involved with standard settings - correct answer. FASB and
IASB

Accounting equation - correct answer. Assets = Liabilities + Stockholder's Equity

The effect of transactions on the expanded accounting equation - correct answer.
Revenue increases retained earnings while expenses and dividends decreases retained
earnings. R.E. is a component of S.E.

Six steps of analyzing transactions - correct answer. 1) Use source documents to
identify accounts affected by an external transaction
2) Analyze the impact of the transaction on the accounting equation
3) Assess whether the transaction results in a debit or a credit to the account balance
4) Record the transaction in a journal
5) Post the transaction to the T-account in the general ledger
6) Prepare a trial balance

Debits & Credits - correct answer. Debit accounts: Dividends, Expenses, Assets

Credit accounts: liabilities, owners S.E., common stock, R.E., revenues

(debit)DEA/LOR(credit)

Purpose of trail balance and its role - correct answer. To assist in preparing
adjusting entries. It provides a check on the equality of debits and credits.

Accural accounting - correct answer. Recording revenues when we earn them and
expenses in the period the benefit is received

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Exam (elaborations)

WSU Accounting 230 Questions And Answers Graded A+ 2024.

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