ACCT 253

ACCT 253 intro test questions and answers 2024 Last document update:   ago

Accounting - an information system that identifies, measures, records and communicates understandable, relevant, reliable, and comparable information about an organization's economic activities. bookkeeping - the recording of financial transactions, either manually or electronically, for the purpose of creating a reliable bank of data. 3 kinds of business - 1. Sole proprietorship - subject to unlimited liability 2. Partnership 3. Corporation unlimited liability - owner is responsible...

Acct 253 exam study questions and answers solved 2024 Last document update:   ago

accrual accounting - recognize revenues when earned and expenses when incurred, regardless of when cash is exchanged cash accounting - recognize revenues and expenses when cash is paid or collected accrued revenues - an asset, company provides product or service to customer before receiving payment (accts receivable) deferred revenue - a liability, company is paid before product or service is provided to customer (unearned revenue) accrued expenses - a liability, company incurs expen...

ACCT 253 - CHP 1 – INTRO EXAM STUDY QUESTIONS AND ANSWERS 2024 Last document update:   ago

Define Accounting Accounting is the process of identifying, measuring, recording, and communicating an organization's economic activities to users for decision making Managerial Accounting Serves decision-making needs of internal users. Financial Accounting Focuses on external reporting to meet the needs of external users. List and Describe forms of business organization Proprietorship, partnership and corporation. Explain GAAP (Generally Accepted Accounting Principles) GAAP followed i...