Accy 200 exam 2 - Study guides, Class notes & Summaries

UIUC accy 200 EXAM 2 Questions and Answers 100%correct Managerial accounting, as opposed to financial accounting, is primarily concerned with: A) The financial condition of the organization as a whole. B) Meeting the requirements of generally accepted accounting principles. C) Emphasizing the future. D) Providing data for investors and creditors. E) Determining exact results. Emphasizing the future

SB CHP.2 ACCY 200 EXAM 1 Verified Solutions ________________ principle in accounting relates to making judgments and estimates that result in lower profits and asset valuation estimates rather than higher profits and asset valuation estimates. ️Conservatism _________means that absolute exactness is not necessary in the amounts shown in the financial statements. ️materiality A corporation's annual report contains the reporting firm's financial statements and each of the follow...

SB CHP.2 ACCY 200 EXAM 1 Questions and Answers 100%correct If the total assets is equal to $15,000 and the total liabilities is equal to $9,000, then: the total stockholders' equity is equal to $6,000. Companies are not allowed to switch back and forth between alternative accounting methods from year to year because of the ___________ concept. consistency The matching concept means that: expenses incurred to generate revenues must be matched to revenues earned for any given period