Exam (elaborations)
ACG EXAM 1 QUESTIONS AND ANSWERS
- Course
- Institution
ACG EXAM 1 QUESTIONS AND ANSWERS
[Show more]
Content preview
Name: Score:24 Multiple choice questions
Definition 1 of 24
Ability to pay near-term obligations, fund operations/expansions, and its results of operations.
Management Discussion and Analysis (MD&A)
Statement of Cash Flow
Notes to Financial Statements
Generally Accepted Accounting Principles (GAAP)
Definition 2 of 24
2 or more partners as owners, tax advantage, simple to establish, broader spikes and resources
Balance Sheet
Partnership
Annual Report
External Users
Definition 3 of 24
One owner, tax advantage(unlimited liability), simple to establish.
Investing Activities
Operating Activities
Sole Properietorship
Unqualified Opinion
,Definition 4 of 24
Borrowing money(liabilities), Issuing(selling) shares of stock for cash (common stock:amount
paid by stockholders), dividends(payments to shareholders).
Statement of Cash Flow
Investing Activities
Operating Activities
Financing Activities
Definition 5 of 24
A financial statement that shows how successfully the business performed for a specific time
period. (Revenue-Expenses=Net Income(Loss))
Balance Sheet
Adverse Opinion
Statement of Cash Flow
Income Statement
Definition 6 of 24
Accounting standards that guide accounting professionals and have authoritative support.
Notes to Financial Statements
Generally Accepted Accounting Principles (GAAP)
Management Discussion and Analysis (MD&A)
Operating Activities
, Definition 7 of 24
Affected by daily operations, revenue, inventory, accounts receivables, expenses, liabilities, net
income/losses.
Financing Activities
Investing Activities
Operating Activities
Sole Properietorship
Definition 8 of 24
Top management must certify the accuracy of public information. Resulted in: Increased
penalties for fraud, increased independence of auditors, and increased oversight by board of
directors.
Financing Activities
Statement of Cash Flow
Retained Earnings Statement
Sarbanes-Oxley Act (SOX)
Definition 9 of 24
A financial statement that shows what the business owns(assets) and owes(liabilities) at a
specific point in time
Consists of:
Assets=Liabilities+Stockholders' Equity(Common stock+Retained Earnings)
Balance Sheet
Statement of Cash Flow
Retained Earnings Statement
Income Statement
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 selftest. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80796 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now