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MBA Accounting Exam 1 Questions & Answers 2024/2025 $8.49
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MBA Accounting Exam 1 Questions & Answers 2024/2025
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MBA Accounting Exam 1 Questions & Answers 2024/2025 Accounting - ANSWERSID, records, communicates economic events of an org to interested internal/external users GAAP - ANSWERSStandards accepted/universally practiced that indicate how to report economic events historical cost principle -...

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  • November 13, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mba accounting exam 1 questions answers 2024202

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  • MBA Accounting
  • MBA Accounting

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MBA Accounting Exam 1 Questions &
Answers 2024/2025

Accounting - ANSWERSID, records, communicates economic events of an org to interested
internal/external users



GAAP - ANSWERSStandards accepted/universally practiced that indicate how to report economic events



historical cost principle - ANSWERScompanies record assets at their cost



fair value principle - ANSWERSassets/liabilities should be reported at fair value (the price received to sell
an asset/settle a liability)



monetary unit assumption - ANSWERScompanies include only transaction data that can be expressed in
terms of money in their acct records



economic entity assumption - ANSWERSactivities of company kept separate/distinct from activities of
owner/others



proprietorship - ANSWERSone owner; small service; owner is personally liable



partnership - ANSWERS2+ owners; retail/service; unlimited personal liability; partnership agreement



corporation - ANSWERSownership in stock shares; separate legal entity; limited liability



A=L+SE - ANSWERSaccounting equation



SE=CS+RE - ANSWERSstockholder's equity equation

, RE=R-E-D - ANSWERSretained earnings equation



assets - ANSWERSresources a business owns; provide future services/benefits



liabilities - ANSWERSclaims against assets



creditors - ANSWERSparty to whom money is owed



stockholder's equity - ANSWERSownership claim on total assets; AKA residual equity



revenues - ANSWERSbusiness activities entered into for the purpose of earning income



dividends - ANSWERSdistribution of cash/other assets to stockholders



expenses - ANSWERScost of assets/services in the process of earning revenue



transactions - ANSWERSbusiness's economic events recorded by accountants; internal/external; has dual
effect on acct equation



income statement, retained earnings statement, balance sheet, statement of cash flows - ANSWERS4
financial statements



income statement - ANSWERSreports company's operations over a specific period of time; R followed by
E; shows net income (or loss)



R-E=NI



retained earnings statement - ANSWERSreports changes in RE for a specific period of time (same time
period as IS)

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