Exam (elaborations)
Financial Accounting Exam 1 - Ch 1-3 Questions and Answers
- Course
- Accounting
- Institution
- Accounting
Financial Accounting Exam 1 - Ch 1-3 Questions and Answers
[Show more]
Content preview
Financial Accounting Exam 1 - Ch 1-3Questions and Answers
Accounting - Answer-The information system that identifies, records, and communicates
the economic events of an organization to interested users
Auditor's Report - Answer-A report prepared by an independent outside auditor stating
the auditor's opinion as to the fairness of the presentation of the financial position and
results of operations and their conformance with GAAP
Balance Sheet - Answer-Reports the assets and claims to those assets (liabilities and
SE) at a specific point in time
Basic Accounting Equation - Answer-Assets = Liabilities + SE
CPA - Answer-Certified Public Accountant - Individual has met certain criteria and
allowed to perform audits of corporations
Common Stock - Answer-Term used to describe the total amount paid in by
stockholders for the shares they purchase
Corporation - Answer-A business organized as a separate legal entity owned by
stockholders
Income Statement - Answer-Reports a company's revenues and expenses and resulting
net income or loss for a specific period of time
Liabilities - Answer-Amounts owed to creditors in the form of debts and other obligations
Management Discussion and Analysis (MD&A) - Answer-A section of the annual report
that presents management views on the company's ability to pay near-term obligations,
its ability to fund operations and expansion, and its results of operations
Partnership - Answer-A business owned by 2 or more persons associated as partners
Retained Earnings - Answer-The amount of net income retained in the corporation
Retained Earnings Statement - Answer-Beg. R/E Balance + Net income/loss -
Dividends = Ending R/E
Sarbanes-Oaxley Act (SOX) - Answer-Regulations passed by Congress to reduce
unethical corporate behavior
Sole Proprietorship - Answer-A business owned by one person
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lectknancy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
52510 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now