Financial Accounting Exam 1 - Chapters 1-3 Study Guide.
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Course
Financial Accounting
Institution
Financial Accounting
Financial Accounting Exam 1 - Chapters 1-3
Study Guide.
Accounting - answerThe information system that identifies, records, and communicates the
economic events of an organization to interested users
Auditor's Report - answerA report prepared by an independent outside auditor stating the
audit...
Financial Accounting Exam 1 - Chapters 1-3
Study Guide.
Accounting - answer✔The information system that identifies, records, and communicates the
economic events of an organization to interested users
Auditor's Report - answer✔A report prepared by an independent outside auditor stating the
auditor's opinion as to the fairness of the presentation of the financial position and results of
operations and their conformance with GAAP
Balance Sheet - answer✔Reports the assets and claims to those assets (liabilities and SE) at a
specific point in time
Basic Accounting Equation - answer✔Assets = Liabilities + SE
CPA - answer✔Certified Public Accountant - Individual has met certain criteria and allowed to
perform audits of corporations
Common Stock - answer✔Term used to describe the total amount paid in by stockholders for the
shares they purchase
Corporation - answer✔A business organized as a separate legal entity owned by stockholders
Income Statement - answer✔Reports a company's revenues and expenses and resulting net
income or loss for a specific period of time
Liabilities - answer✔Amounts owed to creditors in the form of debts and other obligations
Management Discussion and Analysis (MD&A) - answer✔A section of the annual report that
presents management views on the company's ability to pay near-term obligations, its ability to
fund operations and expansion, and its results of operations
Partnership - answer✔A business owned by 2 or more persons associated as partners
Retained Earnings - answer✔The amount of net income retained in the corporation
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