MBA 5133 Financial Accounting - 2024
(A+) Exam 1 Revision Questions and
100% Correct Questions
Sammy Sylvan
[COMPANY NAME] [Company address]
, MBA 5133 Financial Accounting - 2024
(A+) Exam 1 Revision Questions and
100% Correct Questions
Financial Accounting Standards Board (FASB) - answer A privately funded organization
with the primary authority for establishing accounting standards in the United States
Generally Accepting Accounting Principles (GAAP) - answer The measurement rules
established by the FASB
Financial reports issued to the public must follow GAAP
International Financial Reporting Standards (IFRS) - answer Accounting standards,
issued by the IASB, that have been adopted by many countries outside of the United
States.
Assets - answer - Assets are displayed on the left side of the accounting equations
- Economic resources presently controlled by the company that have measurable value
and are expected to benefit the company by producing cash inflows or reducing cash
outflows in the future
*Something that is owned to produce revenue and it will benefit for a period of >1 year
Stockholder's Equity - answer - Owner's claims to the business resources
1. Common Stock - commitments made to investors are described in certificates
2. Retained Earnings - increase to equity from earnings
Revenue - answer Sales of goods/services to customers, measured at the amount the
business charges the customer
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 sammysylvan001. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.