Accrual based accounting - Study guides, Class notes & Summaries

The Payroll Source CPP Practice Exam 100 Questions with Verified Answers Which of the following is LEAST likely to be considered when looking at the security of a new payroll system? A. regular data back-up and storage B. protection against computer viruses C. limited system access D. system edits - CORRECT ANSWER D. system edits Company deadlines for payroll data input documents are essential for: A. timely processing of the payroll B. accurate entry of data C. guaranteeing that al...

CSU ACT 205 Exam 3 Questions and Correct Answers Primary Users of Reports: Managerial Accounting - ANSWER Internal Users: Officers and Managers Types and Frequency of Reports: Managerial Accounting - ANSWER Internal Reports as frequent as needed Purpose of Reports: Managerial Accounting - ANSWER Special-purpose for specific decisions Content of Reports: Managerial Accounting - ANSWER Pertains to subunits of the business. Very detailed. Extends beyond accrual...

Trading on the NYSE is executed without a specialist (i.e. a market maker). (T/F) - ANSWERSF Stocks and bonds are two types of financial instruments (T/F) - ANSWERSTrue The matching principle in accrual accounting requires that: a. Revenues be recognized when the earnings process is complete and matches expenses to revenues recognized. b. Expenses are matched to the year in which they are incurred c. Revenues are matched to the year in which they are booked d. Revenues should be large...

WGU C213 FINAL EXAM(QUESTIONS AND ANSWERS) 2023/2024 Order of assets listed on the balance sheet - CORRECT ANSWER-Assets are listed in the order of liquidity. Liquidity is the amount of time it would usually take to covert an asset into cash. Obviously, cash would be listed first, followed by marketable investments (a company can quickly convert a short-term investment into cash). Accounts receivable would be listed next followed by inventory, and long-term investments, fixed assets...

ACCY 200 Exam 1 UIUC; Questions & Answers 100% Verified The balance sheet equation can be represented by: Correct answer-Assets - Liabilities = Stockholders' Equity. Assets = Liabilities + Stockholders' Equity. Net Assets = Stockholders' Equity. This accounting method accomplishes much of the matching of revenues and expenses? Correct answer-Accrual accounting A fiscal year: Correct answer-is frequently selected based on the firm's operating cycle Expenses are: Correct answer-d...

MRTS 1342 EXAM QUESTIONS AND ANSWERS 100% PASS Accounting - A language of business employed to communicate financial information based upon analyzing recording, classification, summarization, reporting, and interpretation of financial data. Accounting equation - Assets equal Liabilities plus Owner's Equity Accounts Payable - an unwritten promise to pay creditors for property, such as merchandise, 10 supplies, or equipment, purchased on credit, or for services received on credit. - A...

Accrual not Cash basis better - Answer Indicates present and continuing ability to generate favorable cash flows First step in establishing Financial Accounting Standards - Answer Topic is identified and placed on boards agenda APB Opinions are - Answer GAAP documents Statements of Financial Accounting Concepts are - Answer Not considered GAAP Documents IFRS is more ____ in its approach to standards than GAAP - Answer Principles based (instead of rules based) Effect...

The sum of the practices and processes that an enterprise uses to manage the total life cycle cost investment in its portfolio of strategic assets is called _________ Total Cost Management ______ is the application of scientific principles and techniques to problems of : - estimation - cost control - business planning & management science - profitability analysis - project management - planning & scheduling Cost Engineering _______ Is the value of an activity or asset. Gene...

ACCY 200 Exam 1 UIUC Questions and Answers 100% Pass What is the fundamental equation of the balance sheet? Assets equal liabilities plus stockholders' equity, representing the core equation that defines a company's financial position. Which accounting approach facilitates matching revenues and expenses? Accrual accounting accomplishes much of the alignment between revenues earned and expenses incurred during a specific period. How is a fiscal year typically determined? A f...

Accrual Accounting Accounting system based on recording accounts based on historical prices and the matching principle Matching Principle Accrual accounting principle to match revenues and expenses in the same period Historical cost principle Accrual accounting principle to recorded assets, liabilities, and equity at historical levels. When an asset is purchased or liability incurred, it is recorded at cost. Accumulated depreciation The total amount of depreciation claimed against the f...