Exam (elaborations)

Kimmel, Financial Accounting Exam 1 Questions & Answers

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Course
Kimmel, Financial Accounting

Institution
Kimmel, Financial Accounting

Earnings per Share - ANSWERSNet Income - Preferred Dividends/Weighted-average Common shares outstanding during the year Earnings Available to Common stockholders - ANSWERSNet Income - Preferred Dividends Working Capital - ANSWERSCurrent Assets - Current Liabilities Debt to Assets Ratio - A...

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Uploaded on October 27, 2024
Number of pages 8
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

earnings per share
kimmel financial accounting exam 1 questions an
kimmel financial accounting exam 1 stuvia
earnings available to common stockholders

Institution Kimmel, Financial Accounting
Course Kimmel, Financial Accounting

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Kimmel, Financial Accounting Exam 1
Questions & Answers
Earnings per Share - ANSWERSNet Income - Preferred Dividends/Weighted-average
Common shares outstanding during the year

Earnings Available to Common stockholders - ANSWERSNet Income - Preferred
Dividends

Working Capital - ANSWERSCurrent Assets - Current Liabilities

Debt to Assets Ratio - ANSWERSTotal Liabilities/ Total Assets

Free Cash Flow - ANSWERSNet Cash Provided by Operating Activities - Capital
Expenditures - Cash Dividends

Comparability - ANSWERSWhen different companies use the same accounting
principles

Verifiability - ANSWERSIndependent observers use the same method and get the same
results

Timeliness - ANSWERSIn order for accounting information to be relevant, it must be
timely

Understandability - ANSWERSPresented in a clear concise fashion

Monetary Unit - ANSWERSRecording all in one currency.

Economic Entity Assumption - ANSWERSEvery Economic entity can be separately
identified and accounted for

Periodicity Assumption - ANSWERSThe life of a business can be divided into separate
time periods and there will be useful reports covering those periods

Going Concern Assumption - ANSWERSthe business will remain in operation for the
foreseeable future

Historical Cost Principle - ANSWERSCompanies record assets at their cost

Fair Value Principle - ANSWERSAssets and Liabilities should be reported at fair value

, Full Disclosure Principle - ANSWERSrequires that companies disclose every event that
would make a difference to financial statement users

Cost Constraint - ANSWERSAccounting standard-setter weigh the cost that companies
will incur to provide the information against the benefit that financial statement users will
gain from having the information available.

Materiality - ANSWERSIf an item is large enough to likely influence the decision of an
investor or creditor

Relevance - ANSWERSThe quality of information and if it would make a difference

Faithful Representation - ANSWERSMeans that information accurately depicts what
really happened. Information that is complete, neutral, and free of error.

Working Capital and Current Ratio - ANSWERSWhat equation(s) do you need to
measure Liquidity?

Debt to Assets Ratio - ANSWERSWhat equation do you need to measure Solvency?

account - ANSWERSan individual accounting record of increases and decreases in
specific asset, liability, stockholders equity, revenue or expense items

accounting Information Systems - ANSWERSthe system of collecting and processing
transaction data and communicating financial information to decision-makers

credit - ANSWERSthe right side of an account

debit - ANSWERSthe left side of an account

double entry system - ANSWERSsystem that records the two sided effect of each
transaction in appropriate accounts. DEBITS must equal CREDITS

general journal - ANSWERSthe most basic form of journal

general ledger - ANSWERSa letter that contains all asset, liability, stockholders equity,
revenue, and expense accounts

Journal - ANSWERSan accounting record in which transactions are initially recorded in
chronological order

journalizing - ANSWERSthe procedure of entering transaction data in the journal

Ledger - ANSWERSthe group of accounts maintained by a company

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