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BSNS115 EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++
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BSNS115 EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ professional bodies represent groups of professionally qualified people in specific types of work financial reports summarized information about the financial status of a business the accounting process identifying, measu...

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  • November 16, 2024
  • 30
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • bsns115 exam questions and answers with complete s

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BSNS115 EXAM QUESTIONS AND ANSWERS WITH

COMPLETE SOLUTIONS GRADED A++


professional bodies

represent groups of professionally qualified people in specific types of work

financial reports

summarized information about the financial status of a business

the accounting process

identifying, measuring, and communicating economic information about an entity to a

variety of users for decision making purposes

business transactions

External exchange of something of value between two or more entities. Affects assets,

liabilities and equity. Can be reliably measured and recorded.

internal users

accounting info is extremely valuable to an entities owner or management

external users

parties who use info to make decisions about the entity

financial accounting

preparation and presentation of financial statments. allows users to make economic

decisions about the entity

financial statments

directed towards the common information need of a wide range of users

,managerial accounting

accounting used to provide information and analyses to managers inside the

organization to assist them in decision making

GAAP

Generally Accepted Accounting Principles. The standards and rules that accountants

follow while recording and reporting financial activities.

accounting equation

Liabilities + Equity = Assets

Owe + Owner = Own

current assets

cash and other assets expected to be exchanged for cash or consumed within a year

non-current assets

Items owned by the business for more than one year

liability

An amount owed by a business

current liabilities

liabilities due within a short time, usually within a year

non-current liabilities

value of debts of the business that will be payable after more than one year

contingent liabilities

Liabilities that may arise from past transactions if certain events occur in the future.

equity

, a condition in which people receive from a relationship in proportion to what they give to

it

contributed capital

The resources that investors contribute to a business in exchange for ownership interest

retained earnings

An amount earned by a corporation and not yet distributed to stockholders.

drawings

Withdrawal of cash or other assets from an unincorporated business for the personal

use of the owner(s).

dividends

Company's share profits to the shareholders based on the corporation's performance.

income

money received, especially on a regular basis, for work or through investments.

expenses

The cost of assets consumed or services used in the process of generating revenues.

entity concept

The idea that personal financial activity is kept separate from business financial activity

personal transactions

Transactions of the owner unrelated to the operations of the business.

business events

the operating activities performed within a business process to provide goods and

services to customers

double entry accounting

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