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Financial Accounting Exit Exam USD- Questions 100% Solved
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Financial Accounting Exit Exam USD- Questions 100% Solved Generally accepted accounting principles (GAAP) - answer-Rules that govern accounting, based on a conceptual framework -Goal: to provide useful information to those making investment and lending decisions Types of businesses organizatio...

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  • October 18, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • financial accounting exit exam usd questions 100

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  • Financial Accounting
  • Financial Accounting

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©SIRJOEL EXAM SOLUTIONS
10/11/2024 1:41 PM



Financial Accounting Exit Exam USD-
Questions 100% Solved


Generally accepted accounting principles (GAAP) - answer✔-Rules that govern accounting,

based on a conceptual framework

-Goal: to provide useful information to those making investment and lending decisions


Types of businesses organizations - answer✔Proprietorship, partnership, corporations, Limited

Liability companies


Accounting period - answer✔Businesses prepare financial statements for specific periods to

evaluate performance


Revenue recognition principle - answer✔Record revenue when it is earned


When service is provided or product delivered at the value or service transferred to customer


Matching principle - answer✔-measure all expenses incurred during the accounting period


-Match the expenses against the revenues earned during the same period


Time period concept - answer✔-Requires that accounting information be reported at regular

intervals

, ©SIRJOEL EXAM SOLUTIONS
10/11/2024 1:41 PM


-accounts are updated at the end of each accounting period


Entity concept - answer✔separate the owners (person transactions) of the business from the

transactions the company is involved in


Reliability Principle - answer✔you can verify and look at to make sure what is on the financial

statement is on their and accurate


Cost Principle - answer✔You are being able to record things at a certain value (what dollar value

it cost you for a particular item)


Going concern Principle - answer✔We are able to can believe that the company will be able to

operate in the net year

- the company will be a company next year


Monetary unit Principle - answer✔We are recording things in the books with a dollar value


Consistency Principle - answer✔Businesses should use the same accounting methods from

period to period


Disclosure principle - answer✔Companies should report enough information for outsiders to

make decisions about the company


Materiality principle - answer✔Companies must follow accounting rules for significant items

(significant- cause a user to change decision)

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