University Of Houston - Main Campus

ACCT 3367 Accounting Exam 1 deduction from sales in income statement - correct answerIf a company employs the gross method of recording accounts receivable from customers, then sales discounts taken should be reported as the amount of the discount is not material - correct answerAssuming that the ideal measure of short-term receivables in the balance sheet is the discounted value of the cash to be received in the future, failure to follow this practice usually does not make the balance she...

ACCT 3366 Accounting Ch1 Expense recognition - correct answerrecord expenses in the period the related revenue is recognized Periodicity assumption - correct answerthe life of an enterprise can be divided into artificial time periods Historical cost principle - correct answerthe original transaction value upon acquisition Materiality - correct answerConcerns the relative size of an item and its effect on decisions revenue recognition - correct answercriteria usually satisfied fo...

ACCT 3366 Chapter 2 Concepts & Terms Neutrality - correct answerInformation that does not favor one set of interested parties over another. Monetary unit - correct answerThe ___________ assumption would be threatened by the existence of severe inflation in the economy. Gains and Losses - correct answerComprehensive income includes Gains - correct answer_________ arise from peripheral or incidental transactions. Historical Cost - correct answerWhich of the following is inconsiste...

Acct. 3366 Accounting exam 1 Economic resources, expected to benefit the business in the future? - correct answerAssets Economic obligations payable to an individual or organization outside the business? - correct answerLiabilities List five assets categories. - correct answer1. Cash 2. Accounts receivable 3. Merchandise inventory 4. Furniture 5. Land List three liabilities categories. - correct answer1. Account payable 2. Notes payable 3. Salary payable Claims to Assets a...

ACCT 3366 Exam 1 Frameworks Conceptual Framework - correct answera coherent system of objectives and fundamentals established by the FASB, which determine the nature, function, and limits of financial accounting and which lead to consistent accounting standards. - correct answerA soundly developed conceptual framework thus enables the FASB to issue more useful and consistent pronouncements over time; a coherent set of standards should result 3 Levels of Framework for Financial Report...

ACCT 2301 Accounting Exam 1 The field of accounting that focuses on providing information for external decision makers is ________. - correct answewfinancial accounting Which of the following is a decision made by an internal user? - correct answewHow much money should the business budget for production? GAAP refers to guidelines for accounting information in the United States. The acronym GAAP in this statement refers to ________. - correct answewGenerally Accepted Accounting Princ...

Accounting ACCT 2301 Financial Statements - correct answerThe business documents that companies use to report the results of their activities to various user groups, which can include managers, investors, creditors, and regulatory agencies. What are the four basic financial statements - correct answerIncome statement (statement of operations) Statement of retained earnings Balance Sheet (statement of financial position) Statement of cash flows What is accounting - correct answerIt ...

ACCT 2301 Financial Accounting Accounting - correct answerAccounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities. Financial Accounting - correct answerThe field of accounting that focuses on providing information for external decision makers. Managerial Accounting - correct answeraccounting used to provide information and analyses to managers inside the o...

CompTIA A+ Certification Exam Core 1 (220-1101) 2024 ULTIMATE STUDY GUIDE GUARANTEED PASS

CompTIA A+ Certification Exam Core 1 (220-1101) 2024 ULTIMATE STUDY GUIDE GUARANTEED PASS