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Acct 101 Exam 1 || A+ Verified Solutions.
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  • Acct 101
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  • Acct 101

Identify the users of financial information correct answers banks, owners, suppliers, customers Entity has its own separate correct answers identity An entity whose entire purpose is to produce a profit for its owners is an correct answers economic entity Funds taken from owner for persona...

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  • August 9, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • identify the users of financial information

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  • Acct 101
  • Acct 101

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Acct 101 Exam 1 || A+ Verified Solutions.
Identify the users of financial information correct answers banks, owners, suppliers, customers

Entity has its own separate correct answers identity

An entity whose entire purpose is to produce a profit for its owners is an correct answers
economic entity

Funds taken from owner for personal use is correct answers withdrawals

Income statement shows correct answers revenue, expenses, net income

Balance sheet shows correct answers assets, liabilities, owner's equity

Statement of Owner's Equity correct answers A summary of the changes in owner's equity that
have occurred during a specific period of time, such as a month or a year.

Which is true in the preparation of financial statements correct answers net income from the
income statement is placed into statement of owner's equity

the company or individuals that amounts are owed to are correct answers creditors

Fundamental Accounting Equation correct answers Assets = Liabilities + Owner's Equity

revenue correct answers The amount of money that a company actually receives from sales

expenses correct answers the cost that a business incurs in order to operate

accounting is called correct answers the language of business

Accounting system correct answers A process designed to accumulate, classify and summarize
financial data

Certified public accountant (CPA) correct answers An independent accountant who provides
accounting services to the public for a fee

accounting correct answers The process by which financial information about a business is
recorded, classified, summarized, interpreted, and communicated to owners, managers, and other
interested parties

bookkeeper correct answers someone who records the transactions of a business

accountant correct answers A person who plans, summarizes, analyzes, and interprets accounting
information.

, accounting clerk correct answers An accounting worker who processes routine details about
accounting transactions.

Which statements are true about SEC correct answers SEC has final say on financial accounting
issues faced by publicly traded companies, can suspend trading of company's shares

Auditing correct answers The review of financial statements to assess their fairness and
adherence to generally accepted accounting practices

Sarbanes-Oxley Act includes which of the following provisions correct answers prohibits
destruction or creation of documents to impede a federal investigation

Managerial Accounting correct answers Accounting work carried on by an accountant employed
by a single business in industry, the branch of accounting that provides financial

tax accounting involves which activities correct answers tax planning and tax compliance

MANAGERIAL ADVISORY SERVICES correct answers Services designed to help clients
improve their information systems or business performance

Governmental Accounting correct answers Accounting work performed for a federal, state, or
local governmental unit

Accounting Standards Codification correct answers The source of authoritative U.S. GAAP

Accounting Standards Update correct answers Changes to ASC are communicated through this
covering approximately 90 topics

Auditor's Report correct answers An independent accountant's review of a firm's financial
statements

Corporation correct answers A publicly or privately owned business entity that is separate from
its owners and has a legal right to own property and do business in its own name; stockholders
are not responsible for debts or taxes of the business

Discussion Memorandum correct answers An explanation of a topic under consideration by the
Financial Accounting Standards Board

Exposure Draft correct answers A proposed solution to a problem being considered by the
Financial Accounting Standards Board

Financial Statements correct answers Periodic reports of a firm's financial position or operating
results

Generally Accepted Accounting Principles (GAAP) correct answers Accounting standards
developed and applied by professional accountants

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