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
Accounting 101 questions & answers. $9.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Accounting 101
  4.  
  5. Accounting 101

Exam (elaborations)

Accounting 101 questions & answers.
 4 views  0 purchase
  • Course
  • Accounting 101
  • Institution
  • Accounting 101

Accounting 101 questions & answers.

Preview 1 out of 4  pages

Document information

  • August 29, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • accounting 101 questions answers

Written for

  • Accounting 101
  • Accounting 101

Seller

avatar-seller
Professorkaylee

Content preview

Accounting 101 questions & answers.

Accounting ANS - is an information system that provides reports to users about the economic activities
and conditions of a business., the occupation of maintaining and auditing records and preparing
financial reports for a business



Accounting ANS - Is the language of business.



3 Types of Businesses ANS - 1) Service - provide services, rather than products to customers 2)
Merchandising-sell products they purchased from other businesses to customers 3) Manufacturing -
change basic inputs into products that are sold to customers.



GAAP ANS - Generally Accepted Accounting Principles



FASB ANS - Financial Accounting Standards Board (Makes accounting rules)



Cost Concept ANS - determines the amount intially entered into the accounting records for purchases.



Objectivity Concept ANS - requires that entries in the accounting records and the data reported on
financial statements be based on objective evidence.



Business Entity Concept ANS - Financial information is recorded and reported separately from the
owner's personal financial information.



Unit of Measure Concepts ANS - Economic data be recorded in dollars.



Matching Concept ANS - Expenses should be recorded in the same time period as any revenue
associated with those expenses.

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 Professorkaylee. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67232 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$9.49
  • (0)
  Add to cart