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BMAL 590 Business Finance_3 Exam Questions and Answers 100% Pass
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  • BMAL 590
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  • BMAL 590

BMAL 590 Business Finance_3 Exam Questions and Answers 100% Pass General Accepted Accounting Principles (GAAP) - the rules created by the U.S. government for accounting. This requires public companies to generate financial statements. Financial Accounting Standards Board (FASB) - a body that ex...

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  • December 31, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • bmal 590 business finance3 exam questions and ans

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  • BMAL 590
  • BMAL 590

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BMAL 590 Business Finance_3 Exam
Questions and Answers 100% Pass

General Accepted Accounting Principles (GAAP) - ✔✔the rules created by the U.S. government for

accounting. This requires public companies to generate financial statements.


Financial Accounting Standards Board (FASB) - ✔✔a body that examines controversial accounting topics

and issues standards that, in terms of their impact on accounting practices, almost have the force of law.


Securities and Exchange Commission (SEC) - ✔✔regulates publicly traded U.S. companies as well as the

nation's stock and bonds markets. It mandates that companies generate financial statements following

international accounting standards (IAS).


Public Company Accounting Oversight Board (PCAOB) - ✔✔Effectively gives the EC authority to

oversee the accounting professions activities.


4 Key Financial Statements required by the SEC are - ✔✔1. balance sheet


2. income statement


3. statement of retained earnings


4. statement of cash flows


International Financial Reporting Standards (IFRS) - ✔✔used in many countries as the regulatory basis

for the preparation of financial statements. Designed to provide common global language for financial

reporting, so that published information is comparable across international boundaries.




Author. Katelyn Whitman, ©2025 All Rights Reserved.

, 2|Page


Balance Sheet - ✔✔Presents a 'snapshot' view of the company's financial position at a specific moment in

time. A firm's assets must equal the combined value of its liabilities and the stockholders' equity. Assets =

Liabilities + Stockholders' Equity.


Balance sheet entries:




1. Assets- The most liquid asset (cash) appears first and the least liquid (fixed assets) come last.




2. Current Liabilities are those that must be paid within one year and include accounts payable, notes

payable, and accrued expenses. Long term liabilities - are due after more than a year and include deferred

taxes and long term debt.




3. Stockholders Equity - is the owners' residual share of the business, including their original investment

plus any money the firm has earned and retained since its inception. Includes preferred stock, common

stock, paid-in-capital in excess of par, and retained earnings.


Liabilities - ✔✔are debts that the firm owes to others.


Current Liabilities - ✔✔are those that must be paid within one year and include accounts payable, notes

payable, and accrued expenses. Includes




Accounts Payable are the amounts owed for credit purchases by the firm.




Notes Payable are outstanding short-term loans, typically from commercial banks.




Author. Katelyn Whitman, ©2025 All Rights Reserved.

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