Accounting Exam Chapter 1 – 3 Study Questions With All Correct Answers.
3 views 0 purchase
Course
Fundamentals of Accounting
Institution
Fundamentals Of Accounting
Name the two institutions that set Generally Accepted Accounting Principles. - Answer Financial Accounting Standards Board (FASB) and Securities Exchange Commission (SEC)
What is the name of U.S. accounting rules? - Answer Generally Accepted Accounting Principles (GAAP)
Name the four fi...
Accounting Exam Chapter 1 – 3 Study
Questions With All Correct Answers.
Name the two institutions that set Generally Accepted Accounting Principles. - Answer Financial
Accounting Standards Board (FASB) and Securities Exchange Commission (SEC)
What is the name of U.S. accounting rules? - Answer Generally Accepted Accounting Principles (GAAP)
Name the four financial statements in the order of preparation. - Answer 1) Income Statement
2) Statement of Retained Earnings
3) Balance Sheet
4) Cash flows statement
What type of information is reported in statement of retained earnings? - Answer Statement of
Retained Earnings:
Beginning Retained Earnings + Net income - Dividends = Ending Retained Earnings
What type of information is reported in income statement? - Answer Income statement: Revenues -
Expenses = Net income (Loss)
What type of information is reported in a balance sheet? - Answer Assets = liabilities + common stock +
Retained Earnings
What type of information is reported in cash flow statement? - Answer Cash flows statement: Sources
of cash and uses of Cash (or cash inflows and outflows)
What is the basic accounting equation? - Answer Assets = Liabilities + Stockholder's Equity
What is the expanded accounting equation? - Answer Assets = Liabilities + Common Stock + Retained
Earnings + Revenues - Dividends - Expenses
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 TestSolver9. 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.
