Financial Accounting First Exam Questions And Answers
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Course
Financial Accounting
Institution
Financial Accounting
Financial Accounting First Exam Questions
And Answers
Managerial Accounting Provides info for internal users-managers. Includes budgets and
forecasts
Proprietorship Proprietor is one owner, personally liable
Partnership Two owners, both personally liable
LLC Multiple owners, members aren't ...
Entity Assumptions A business is a separate economic unit. Only include transactions of
business.
Continuity(Going-Concern) Assumption Entity will continue to exist indefinitely.
, Financial Accounting First Exam Questions
And Answers
Historical Cost Principle Assets recorded at purchase price. You can verify it when you
first bought.
Stable monetary unit Assumption US dollar
International Financial Reporting Standards (IFRS) Every other country but the US uses
Accounting Equation A=L+E
Assets Cash and Cash Equivalents
Merchandise Inventory
Property, plant, equipment
Liabilities Accounts payable
Income taxes payable
Notes payable
, Financial Accounting First Exam Questions
And Answers
Retained Earnings Revenues
Expenses
Dividends
Revenues Inflows of resources earned by delivering goods and services to customers
Expenses Resources outflows form the cost of doing business
Dividends Distributions of assets to stockholders. Money which you get back from the
company. Decreases retained earnings.
Beg RE + NI - DIV = End RE ...
Net income Revenue minus Expenses
*If expenses exceed revenues a net loss results
Income Statement Statement of Operations
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