Acc 356 - Study guides, Class notes & Summaries

ACC 356 Exam 2 Review Questions And Answers With Latest Solutions The balance sheet is useful for analyzing all of the following except ANS USEFUL: -liquidity -solvency -financial flexibility NOT USEFUL: -profitability one criticism not normally aimed at a balance sheet prepared using current accounting and reporting standards is ANS failure to reflect current value information the statement of cash flows reports all of the following except ANS DOES REPORT: -the net change in cas...

ACC 356 Test Bank 4 Questions And Answers With Verified Solutions

ACC 356 Exam 2 Review Concepts Questions And Answers balance sheet ANS Reports on the assets, liabilities, and stockholders' equity of the business as of a specific date. balance sheet provides info about ANS resources, obligations to creditors, and equity in net resources balance sheet helps in ANS predicting amounts, timing, and uncertainty of future cash flows usefulness of balance sheet ANS computing rates of return. evaluating the capital structure. assess risk and future c...

ACC 356 Final Exam Questions And Answers 2024 Latest Tests Go-Go Corporation, a publicly traded company, has three brothers who serve as President, Vice President of Finance and CEO. This situation ANS increases the risk associated with an audit. Which of the following is not a reason for the increase in security problems for AIS? ANS Increasing efficiency resulting from more automation Which of the following suggests a weakness in a company's internal environment? ANS Formal employee...

ACC 356 Concepts Part 1 Questions And Answers Should we wait until all uncertainty is resolved to decide whether items meet the definition of assets or liabilities? ANS No. Degrees of uncertainty do not impact whether a transaction/event meets the definition of an element. Uncertainty has a role in the recognition and measurement decisions. Explain why cash meets the definition of an asset. ANS The answer to this question is very clearly that yes, cash represents an asset but the key part ...

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ACC 356 - final exam material complete Questions and Answers

Define relevance and its components. What is an example of financial reporting information that has both of these components?  Relevance means it is capable of making a difference in user's decision making. It can have confirmatory value (confirm or correct prior expectations) or predictive value (help predict future outcomes). Revenue has both of these components. Define representational faithfulness and its components.  A depiction of an item in the financial statements fai...

the balance sheet is useful for analyzing all of the following except  USEFUL:  -liquidity  -solvency  -financial flexibility  NOT USEFUL:  -profitability one criticism not normally aimed at a balance sheet prepared using current accounting and reporting standards is  failure to reflect current value information the statement of cash flows reports all of the following except  DOES REPORT: -the net change in cash for the period -the cash effects of operations...

When the AIS provides information in a timely and accurate manner, it stands as an example of  -improving the quality and reducing the costs of products or services.  -improving efficiency.  -improved decision making. A good example of how an AIS is used to share knowledge within an organization is  the use of a corporate database to help staff identify the relevant experts who can help with a particular client. One group that relies on both the adequate collection and tr...