Exam (elaborations)
Acct. 303 Exam 1 with complete solutions 2024_2025.
- Course
- Institution
Acct. 303 Exam 1 with complete solutions 2024_2025.
[Show more]
Content preview
Acct. 303 Exam 1 with complete solutions2024/2025
The FASB - ANSWER-Is a private body that helps set accounting standards in the
US
Confirmatory Value is an ingredient of the primary quality of - ANSWER-
Relevance
Predictive value is an ingredient of - ANSWER-Relevance
According the FASB's conceptual framework, comprehensive income includes -
ANSWER-Operating Income
Predictive value - ANSWER-information is useful in predicting the future
Relevance - ANSWER-Pertinent to the decision at hand
timeliness - ANSWER-information is available prior to the decision
distribution to owners - ANSWER-decreases in equity resulting from transfers to
owners
confirmatory value - ANSWER-information confirms or corrects prior
expectations
understandability - ANSWER-users link the information in the context of the
decision being made
gain - ANSWER-results if an asset is sold for more than its book value
, faithful representation - ANSWER-agreement between a measure and the
phenomenon it purports to represent-- numbers and descriptions match what
really happened
comprehensive income - ANSWER-the change in equity from non-owner
transactions AOCI
materiality - ANSWER-concerns the relative size and importance of an item and
its effect on decisions
comparability - ANSWER-important for making inter-firm comparisons, info that is
measure and reported in a similar manner for different companies
neutrality - ANSWER-the absence of bias-- a company cannot select information
to favor one set of interested parties over another
recognition - ANSWER-the process of admitting information into financial
statements
consistency - ANSWER-applying the same accounting practices over time
cost effectiveness - ANSWER-requires consideration of the costs and value of
information
verifiability - ANSWER-implies consensus among different measures,
independent measures using the same methods obtain similar results
source documents - ANSWER-used to identify and process external transactions
transaction analysis - ANSWER-determine the dual effect on the accounting
equation
journal - ANSWER-records the dual effect of a transaction in debit/credit form
posting - ANSWER-Transferring balances from the general journal to the ledger
(t-account)
unadjusted trial balance - ANSWER-list of accounts & their balances before
recording adjusting entries
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 tuition. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now