Exam (elaborations)
Survey of Accounting Exam 1 Questions and Answers
- Course
- Accounting
- Institution
- Accounting
Survey of Accounting Exam 1 Questions and Answers
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Survey of Accounting Exam 1 Questionsand Answers
Financial Accounting - Answer-focused on the needs of external users
accounting info->investors->creditors->brokers
Managerial Accounting - Answer-focused on the needs of internal users
accounting info->managers->employees->unions
What rules govern financial accounting - Answer-GAAP (Generally Accepted
Accounting Principles)
Assets= - Answer-Liabilities+ Equity
Balance sheet - Answer-Assets=Liabilities+ Equity
What are assets (examples) - Answer-Cash, land, equipment, buildings
Equity= - Answer-Retained Earnings+ Common Stock
Net Income= - Answer-Revenue-Expenses
Income Statement - Answer-Net Income=Revenue-Expenses
Permanent accounts - Answer-Liabilities, assets, equity
Track financial results from year to year
Temporary accounts - Answer-Dividends, revenues, expenses
Track financial results for a limited period of time
Asset source - Answer-Increase total assets, increase total claims
Asset exchange - Answer-Increase one asset, decrease another asset
Asset use - Answer-Decrease total assets, decrease total claims
Revenue recognition - Answer-Formally recording an economic item or event in the
financial statements
Realization - Answer-collecting cash, generally from the sale of products or services
Accruals - Answer-Receivables
Deferrals - Answer-Prepaid
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