Accural accounting - Study guides, Class notes & Summaries

AHLEI Chapter 1 questions with correct answers 2024 Account Receivable System - ANSWER-A system to account for revenue that is due (has been earned) but not yet collected Accural Accounting System - ANSWER-An accounting system that matches revenue generated with the expenses incurred to generate the revenue Commercial Food Service Operation - ANSWER-Food service operation found in lodging properties, clubs, restaurants, and other businesses; these operations exist to make a profit from ...

HCAD 375 EXAM 1 QUESTIONS AND ANSWERS 2024 The financial environment is ______ and ___________ _____. Fluid Reimbursement driven Goal of Financial Management make organizations work more effectively What has led to increased HC costs? Aging population, uninsured, newly insured under ACA, Rx drugs, use of more advanced tech, chronic disease, "defensive medicine" What has led to a decrease in HC costs? Evidence based medicine, retail HC, more generic drugs, increased c...

WSU Accounting 230 Questions And Answers Graded A+ 2024. Two primary functions of financial accounting - correct answer. 1) Measure business transactions 2) Communicate those measurements to people to make decisions Three objectives of financial accounting - correct answer. 1) Measure the relevant transactions of a company 2) Communicate these business activities to outside to company 3) GAAP - correct answer. The rules of financial accounting in the US se...

assets - resources owned by the business (things of value) liabilities - creditors claims on total assets (obligations or debts of the business) stockholders equity - ownership claims on total assets basic accounting equation - assests= liabilities + stockholders equity generally accepted accounting principles - set of rules and practices that provide answers to the followong questions - How does a company decide on the type of financial info to disclose? - What format should a company us...

According to the International Financial Reporting Standards framewrk, which of the following qualities of financial information is least likely cited as one of the two fundamental characteristics that make financial information useful? A. Accural Accounting B. Relevance C.. Faith Representation A. Accural Accounting A company that an excess of operating cash flow over the amounts needed for capital expenditures and repayment of debt is most likely to have A. Positive FCFE B. Negativ...

Account Receivable System - Ans ️️ -A system to account for revenue that is due (has been earned) but not yet collected Accural Accounting System - Ans ️️ -An accounting system that matches revenue generated with the expenses incurred to generate the revenue Commercial Food Service Operation - Ans ️️ -Food service operation found in lodging properties, clubs, restaurants, and other businesses; these operations exist to make a profit from food and beverage products.

Purpose of Financial Reports - correct answer Purpose of Financial Reports The purpose of financial reports is to allow others to make determinations about the financial worthiness of an organization 3 key contributors of GAAP - correct answerThe SEC grants to FASB the authority to create GAAP. Other contributors to GAAP include The American Institute of Certified Public Accountants and other accounting organizations. Financial reports are governed by a variety of regulations, includin...

CPPM Exam Prep Quiz_Updated Questions and Answers 100% A+ Graded *Efficiency - CORRECT ANSWER-Process & doing things right *Effectiveness - CORRECT ANSWER-Outcomes & doing the right thing Accural Accounting - CORRECT ANSWER-Records revenues when they are earned & expenses when they have been accrued. Provides a more accurate reflection of your current financial situation Cash Based Accounting - CORRECT ANSWER-Recognizes revenue only when cash is collected & expenses when cash is paid...

MHA 706 Module 2 QuizGenerally Accepted Accounting Principles (GAAP) are said to be compromised of assumptions, principles, and constraints. Match the term to its appropriate category. Going concern - Expense Matching - Materiality - - correct answer a) GAAP assumptions b) GAAP Principle c) GAAP Constraint reports income from activities not related to "core" business of the organization. - correct answer Non-operating Income is a measure of income generated from the "core" busi...

What does accounting focus on? - Answer-The impact a business's activities have on it's overall financial performance Which report summarizes cash collections and cash expenditures from operating, investing, and financing activities over a period of time? - Answer-Statement of cash flows Which users would have a primary concern with an organization's ability to provide healthcare benefits? - Answer-Employees Which benefit does a corporation gain by following Generally Accepted Accountin...