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Accounting chapter 1, 2, 3 questions with actual answers.
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  • Accounting 101

Accounting chapter 1, 2, 3 questions with actual answers.

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  • August 29, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting chapter 1 2 3 questions with actual a

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  • Accounting 101
  • Accounting 101

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Accounting chapter 1, 2, 3 questions
with actual answers.

Financial Accounting ANS - Provides info to external users via financial statements



Managerial accounting ANS - provides info to internal users via internal reports



Generally accepted accounting principles ANS - GAAP



SEC ANS - Securities and exchange commission (sets GAAP, that is issued by FASB). Establishes
reporting requirements and sets GAAP for companies that issue stock



Financial Accounting Standards Board ANS - Private group that issues GAAP and set both broad and
specific principles



IASB ANS - Same as FASB but internationally



Sarbanes-Oxley Act of 2002 ANS - Aims at curbing financial abuses by companies that issue stock to the
public. Requires that public companies apply both accounting oversight and stringent internal controls
to ensure more transparency, accountability and truthfulness in reporting transactions



Measurement Principle (cost principle) ANS - Accounting info should be based on actual cost



Revenue Recognition Principle ANS - Provides guidance on when a company must recognize revenue.
Revenue is recorded only when the service is complete.



Matching principle ANS - Record expenses that were incurred to generate the revenues recorded in the
accounting period

, Full disclosure principle ANS - Requires a company to include all info in financial statements that would
impact users decisions



Going-Concern Assumption ANS - Accounting info reflects the presumption that the business will
continue operating



Monetary Unity Assumption ANS - Transactions are expressed using "money" as a common
denominator



Time Period Assumption ANS - The life of a business can be divided into distinct time periods, such as
months and years



Business entity assumption ANS - A business is accounted for separately from its owner or other
business entities



Assets ANS - Resources owned or controlled by a company



liabilities ANS - Creditors claim on assets



Equity ANS - Owner's claim on assets



Retained Earnings ANS - Income not distributed to shareholders

Revenue, expenses and dividends



Retained earnings ANS - Beginning Balance

+/- net income/loss (Rev-exp)

-dividends



Determining Equity ANS - Begin Balance

+additional investments

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