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ACG 5026 Midterm Exam Questions and Complete Solutions
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  • Module
  • ACG 5026
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  • ACG 5026

Three general uses of accounting Financial reporting and external performance evaluations Managerial decision making Managerial planning, control & internal performance evaluations Corporate Advantages Limited liability Ability to raise capital Ability to separate ownership from management Tr...

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  • August 12, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • acg 5026 midterm exam questions and complete solut
  • three general uses of accounting financial report
  • managerial decision making

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  • ACG 5026
  • ACG 5026

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ACG 5026 Midterm Exam Questions and
Complete Solutions
Three general uses of accounting ✅Financial reporting and external performance
evaluations

Managerial decision making

Managerial planning, control & internal performance evaluations

Corporate Advantages ✅Limited liability

Ability to raise capital

Ability to separate ownership from management

Transferability of ownership

Corporate Disadvantages ✅Double taxation (corporate profits and dividends/capital
gains

Paperwork and formalities

What are the three basic business activities ✅Operational

Investing

Financing

How did cash (on the balance sheet) change? Look at... ✅Statement of Cash Flows

How did equity (on the balance sheet) change? Look at... ✅Statement of Stockholders'
Equity

How did operations affect retained earnings (on the balance sheet)? Look at...
✅Statement of Income

Four Financial Statements ✅Balance Sheet

Statement of Cash Flows

Statement of Equity

, Income Statement

Generally Accepted Accounting Principles (GAAP) ✅Standards and accepted
practices designed to guide the preparation of financial statements

Based on underlying principles

Enables external users to rely on audited financial statements

The SEC's Authority ✅Regulates the issuance and trading of securities in the U.S.

Who must report to the SEC? ✅Companies with more than $10 million of assets and
whose securities are held by more than 500 owners must file annual and other periodic
reports.

Financial Accounting Standards Board (FASB) ✅Currently establishes accounting
standards in the U.S. (GAAP).

Developed a Conceptual Framework to serve as a guide for accounting issues not
covered by standards

Auditor's Report ✅A statement to the board of directors of the company and to the
shareholders of the company by an independent auditor.

What does an audit report express? ✅An opinion as to whether the financial
statements present fairly the financial activities of the company and whether the
financials were prepared in accordance with GAAP.

A "clean" audit opinion indicates... ✅that the auditors do believe that the financial
statements present fairlythe economic conditions of the firm. It does NOT state that the
statements are "accurate."

Balance Sheets is reported at a... ✅specific point in time

Statement of cash flows, equity and income statement are reported at a ✅period of
time

Reporting Periods ✅Can be annual, semiannual, quarterly, or monthly reporting
periods

Fiscal Year ✅A one-year reporting period

Often called an accounting year

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