accounting correct answers the information system that identifies, records, and communicates the economic events of an organization to interested users
assets correct answers resources a business owns
balance sheet correct answers a financial statement that reports the assets, liabilities, an...
ACCT 105 CH1 || with 100% Correct Answers.
accounting correct answers the information system that identifies, records, and communicates the
economic events of an organization to interested users
assets correct answers resources a business owns
balance sheet correct answers a financial statement that reports the assets, liabilities, and
stockholders' equity of a company at a specific date
bookkeeping correct answers a part of accounting that involves only the recording if economic
events
common stock correct answers term used to describe the total amount paid in by stockholders fir
the shares they purchase
convergence correct answers effort to reduce differences between U.S. GAAP and IFRS to
enhance comparability
corporation correct answers a business organized as a separate legal entity under state
corporation law, having ownership divided into transferable shares of stock
cost principle correct answers an accounting principle that states that companies should record
assets at their cost
dividend correct answers a distribution by a corporation to its stockholders
economic entity assumption correct answers 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 correct answers the standards of conduct by which one's actions are judged as right or
wrong, honest or dishonest, fair or not fair
expenses correct answers the cost of assets consumed or services used in the process of earning
revenue
fair value principle correct answers an accounting principle stating that assets and liabilities
should be reported at fair value (the price received to sell an asset or settle a liability)
faithful representation correct answers numbers and descriptions match what really existed or
happened-it is factual
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