Exam (elaborations)
Accounting Principles - 1
- Module
- Ap Comp. Gov. Unit 2 test
- Institution
- Ap Comp. Gov. Unit 2 Test
Accounting Principles - 1
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Accounting Principles - 1What is the accounting Cycle? - ANS-Analyzing, recording, classifying, summarizing,
and reporting
External Users of accounting info: - ANS-Investors, Lenders, very strict regulation
Internal users of accounting info: - ANS-Management, not as strict
Balance Sheet - ANS-Reports financial information at a given moment in time. Mimics
the accounting equation. A=L+OE
Income Statement - ANS-Reports financial activity for a given time period
Statement of cash flows - ANS-Tells reviewer of info where the assets came from
What is a CPA? - ANS-Certified Public Accountant.
How do you become a CPA? - ANS-You must either have 150 hours in credit, or have a
masters in accounting.
Big 4 in accounting: - ANS-1. PWC
2. Deloitte
3. Ernstons Young
4. KPMG
What is debit and credit? - ANS-Debit left, Credit Right
Revenue vs. Equity - ANS-Revenue increase equity, expenses decrease equity
What does Ownsers Equity include? - ANS-Common stock, Paid in Capital (capital
surplus), Retained Earnings
Treasury stock is stock that a company buys back that negatively effects OE.
Gross Profit - ANS-Component of an income statement of a company that makes sales.
EPS - ANS-Net Income/Number of Shares Outstanding
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