100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
HBS Harvard Business School HBX Core Financial Accounting 2024 Exam Review Questions and Answers 100% Pass | Graded A+ $14.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. Harvard University
  4.  
  5. HBS HBX Core

Exam (elaborations)

HBS Harvard Business School HBX Core Financial Accounting 2024 Exam Review Questions and Answers 100% Pass | Graded A+
 0 purchase

HBS Harvard Business School HBX Core Financial Accounting 2024 Exam Review Questions and Answers 100% Pass | Graded A+

Preview 4 out of 39  pages

Document information

  • August 15, 2024
  • 39
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • financial accounting
  • hbs harvard business school hbx core financial acc
  • hbs harvard business school hbx core

Written for

All documents for this subject (10)

Seller

avatar-seller
YourAssignmentHandlers

Reviews received

Content preview

HBS Harvard Business School
HBX Core Financial
Accounting 2024 Exam Review
Questions and Answers 100%
Pass | Graded A+
David Mungai [Date] [Course title]

, HBS Harvard Business School HBX
Core Financial Accounting 2024
Exam Review Questions and
Answers 100% Pass | Graded A+
Depreciation methods that recognize more depreciation expense
in the early years and less in the later years. Double-declining
balance is an example of an accelerated depreciation method. -
Answer>> Accelerated Depreciation Methods

Assets = Liabilities + Owners' Equity. This equation is
fundamental and must always be true in double entry accounting.
- Answer>> Accounting Equation

The period of time for which the financial results are reported;
typically either a month or a quarter or a year. - Answer>>
Accounting Period

Liability account used to show the obligation to pay suppliers who
have provided goods or services on credit terms. - Answer>>
Accounts Payable

Accounts Payable Turnover is a ratio that is used to measure how
efficiently a business is paying its vendors. It is calculated by
dividing the credit purchases for the period by the average
accounts payable balance for the period. In the absence of credit
purchases information, we may use cost of goods sold as a
substitute. The ratio represents how many times the accounts
payable turned over during the period. For most ratios in this
course, we use averages when calculating ratios with balance
sheet numbers, but this is not necessary and some may choose
to use beginning or ending balances. - Answer>> Accounts
Payable Turnover

,Asset account used to show the claim to receive cash at some
future date for goods or services that have been supplied to a
customer on credit terms. - Answer>> Accounts Receivable

Accounts Receivable Turnover is a ratio that is used to measure
how efficiently a business is collecting receivables from its
customers. It is calculated by dividing the credit sales for the
period by the average accounts receivable balance for the period.
In the absence of credit sales information, we may use total sales
as a substitute. The ratio represents how many times the
accounts receivable turned over during the period. For most ratios
in this course, we use averages when calculating ratios with
balance sheet numbers, but this is not necessary and some may
choose to use beginning or ending balances. - Answer>>
Accounts Receivable Turnover

A revenue amount that is recorded after the revenue is earned but
before the payment is received or an expense amount that is
recorded after it has been incurred but before the payment has
been made. In either case, for an accrual the exchange of cash is
expected at some future point after the initial revenue or expense
is recognized. - Answer>> Accrual

This is the accounting method taught in this course, followed by
most companies, and required under US GAAP and IFRS. The
method follows the revenue recognition principle, which says that
revenue should be recognized in the period in which it is earned
and realizable, not necessarily when the cash is received and the
matching principle which says that expenses should be
recognized in the period in which the related revenue is
recognized rather than when the related cash is paid. -
Answer>> Accrual Accounting Method

, Liability account used to record amounts at the end of an
accounting period to recognize expenses that were incurred in the
period but for which no invoice has yet been received nor
payment has yet been made. Examples are salaries/wages
payable, accrued rent expense, accrued legal fees. When the
accrual is made, the debit is to the appropriate expense account
(payroll expense, rent expense, legal expense) and the credit is to
the accrued expense account, which is a liability because it
represents an obligation which will need to be paid in the future.
Remember accrued expenses are NOT expenses. - Answer>>
Accrued Expenses

Liability accounts that record expenses that have been
recognized on the income statement but have not yet been paid.
Similar to accrued expenses. - Answer>> Accrued Liability

An accrued expense recorded at the end of a financial period for
amounts of payroll that have been worked but not yet paid. It is a
common type of accrued expense. See also Salaries/Wages
Payable. - Answer>> Accrued Payroll

An asset account that records revenue that has been earned and
recognized on the income statement but not yet paid for by the
customer. At the time of the accrual, we debit the receivable
account and credit the appropriate accrued revenue account.
When the cash transfer ultimately occurs, we debit the cash
account and credit the receivable account. - Answer>> Accrued
Revenue

A contra asset account that includes the cumulative total of all
depreciation expenses recorded to date for specific assets. The
credit balance in this account offsets the debit balance in the
asset account which shows the original value of the asset. When
the original asset value is netted against the accumulated

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller YourAssignmentHandlers. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $14.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69411 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$14.99
  • (0)
Add to cart
Added