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Intro To Financial Accounting Exam 1 With Complete Solution $11.49   Add to cart

Exam (elaborations)

Intro To Financial Accounting Exam 1 With Complete Solution

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  • Intro To Financial Accounting

Intro To Financial Accounting Exam 1 With Complete Solution...

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  • October 9, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Intro To Financial Accounting
  • Intro To Financial Accounting
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Easton
Intro To Financial Accounting Exam 1 With
Complete Solution

Accounting involves three basic activities - ANSWER Identifies, records, communicates



Who uses Accounting Data - ANSWER External Users: Creditors and Investors



Recent Financial Scandals - ANSWER Enron, WorldCom, HealthSouth, AIG



Sarbanes-Oxley Act of. - ANSWER Added new criminal charges for accounting scandals



Financial Statements - ANSWER Balance Sheet

Income Statement

Statement of Stock Holder's Equity

Statement of Cash Flows

Note Disclosure



Generally Accepted Accounting Principles - ANSWER Standards generally accepted
and universally practiced



Standard Setting Bodies- ANSWER Financial Accounting Standards Board FASB

(SEC)

International Accounting Standards Board

(IASB)

, Historical Cost Principle- ANSWER requires companies to record assets at the cost.



Fair Value Principle- ANSWER holds that assets and liabilities are to be reported at a fair
value



Monetary Unit Assumption - ANSWER companies include in the accounting records only
transaction data expressed in money.



Economic Entity Assumption - ANSWER Requires that activities of the entity be kept
separate and distinct from activities of the owner



Combining activities of Kellogg and General Mills would violate? - ANSWER Economic
Entity Assumption



Corporation - ANSWER Ownership divided into shares of stock



Accounting Equation - ANSWER Assets= Liabilities + Stockholder's Equity



Assets - ANSWER Resources a business owns

Provide future service or benefits

Cash, Supplies, Equipment



Liabilities - ANSWER Claims against assets (Debts and Obligations)

Creditors- Party to whom money is owed

Accounts Payable, Notes Payable



Stockholder's Equity - ANSWER Ownership claim on total Assets

Referred to as residual Equity

Common Stock and Retained Earnings

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