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Accounting Exam 1 Ch. 1-4 Questions with Latest Update
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Accounting Exam 1 Ch. 1-4 Questions with Latest Update
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Accounting Exam 1 Ch. 1-4 Questionswith Latest Update
Accounting - Answer-info system that identifies, records, and communicates the
economic events of an organization to interested users
Assets - Answer-resource a business owns
Auditing - Answer-examination of financial statements by a certified public accountant in
order to express an opinion as to how accurately the financial statements present the
company results and financial position
Balance Sheet - Answer-financial statement that reports the assets, liabilities, and stock
holders equity at a specific date
Basic Accounting Equation - Answer-Assets = Liabilites+Stockholder's Equity
Bookkeeping - Answer-part of accounting that involves only the economic recording of
events
Common Stock - Answer-describes the total amount paid in by stockholders for the
shares they purchase
Convergence - Answer-process of reducing the differences between US GAAP and
IFRS
Corporation - Answer-business organized by a separate legal entity under state
corporation law, having ownership divided into transferable shares of stock
Dividend - Answer-a distribution by a corporation to its stockholders
Economic Entity Assumption - Answer-an assumption that requires that the activities of
the entity be kept separate and distinct from the activities of its owner and all other
economic entities
Ethics - Answer-standards of conduct by which ones actions are judged as right or
wrong, honest or dishonest, fair or unfair
Expanded Accounting Equation - Answer-Assets=Liabilities+Common
Stock+Revenues-Expenses-Dividends
Expenses - Answer-cost of assets consumed or services used in the process of earning
revenue
, Fair Value Principle - Answer-states that assets and liabilities should be reported at fair
value
Faithful Representation - Answer-numbers and descriptions match what really existed
or happened - factual
Financial Accounting - Answer-provides economic and financial info for investors,
creditors, and other external users
Financial Accounting Standards Board (FASB) - Answer-private organization that
establishes generally accepted accounting principles in the US
Forensic Accounting - Answer-uses accounting, auditing, and investigative skills to
conduct investigations into theft and freud
GAAP - Answer-generally accepted accounting principles. Common standards that
indicate how to report economic events
Historical Cost Principle - Answer-states that companies should record assets at their
cost
Income Statement - Answer-financial statement that presents the revenues and
expenses resulting net income or net loss of a company for a specific period of time
International Accounting Standards Board - Answer-IASB. standard setting body that
issues standards adopted by many companies outside the US
International Financial Reporting Standards - Answer-IFRS. Internation accounting
standards set by the IASB
Liabilites - Answer-creditor claims against total asset
Management Consulting - Answer-area of public accounting ranging from development
of accounting and computer systems to support services for marketing projects
Monetary Unit Assumption - Answer-assumption stating that companies include in the
accounting records only transactions data that can be expressed in terms of money
Net Income - Answer-amount by which revenues exceed expenses
Net Loss - Answer-amount by which expenses exceed revenues
Partnership - Answer-business owned by 2+ persons associated as partners
Proprietorship - Answer-business owned by 1 person
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