Us gaap - Study guides, Class notes & Summaries

1. What does IFRS stand for? a. International Financial Reporting Structure b. International Financial Reporting Standards c. Intercontinental Financial Reporting Standards d. Intercontinental Finance Reporting Structure - b 2. What is the goal of IFRS? - The goal of IFRS is to achieve a single set of high-quality, common accounting standards used around the world. 3. Identify the correct statement about IFRS usage in the US: a. IFRS is intended for publicly accountable entities and has ...

Accounting Crash Course Exam V4 Wall Street Exam Questions and Answers Latest Updated 2024/2025 | Graded A+. Why is Accounting Important?: Enables managers to make corporate decisions Enables the general public to make investment decisions 3. Who Uses Accounting?: Used by a variety of organizations - from the federal government to non-profit organizations to small businesses to corporations We will discuss accounting rules as they pertain to publicly-traded companies Accounting Crash Course...

In this document you will find my lecture notes for the course International Financial Reporting, an elective course for the Masters Finance, International Financial Management, Management Accounting and Control, International Business and Management, Small Business and Entrepreneurship, and Change Management (at the University of Groningen).

Point in time, Assets (resources) and liabilities (obligations) - Answer-Balance Sheet Period of time (usually 1 year), amount of profit made - Answer-Income Statement Does the SEC have legal authority? - Answer-YES. The SEC has legal authority to establish accounting rules and disclosure requirements. Financial accounting rule per the US constitution - Answer-USA congress->SEC->FASB The SEC created the - Answer-FASB: Financial accounting standards board FASB created - Answer-GAAP (h...

Wall Street Prep Accounting Crash Course Exam 1. What is Accounting?: Accounting is the language of business; it is a standard set of rules for measuring a company's financial performance. Assessing a company's financial performance is important for: The firm's officers (managers and employees) Investors Lenders General public Standard financial statements serve as a "yardstick" of communicating financial performance to the general public. 2. Why is Accounting Important?: Enables ...

Wall Street Prep Red Book Question and answers rated A+ What is the primary purpose of US GAAP? - correct answer SEC authorizes the FASB to determine the accounting rules. Under FASB, financial statements are required to be prepared in accordance with US GAAP. What are the main sections of a 10-K? - correct answer In a 10-K, you'll find the three core financial statements, which are the income statement, cash flow statement, and balance sheet. There'll also be a statement of shareho...

Assume US GAAP to answer this question. In 2017, $2 million in wages were earned and no cash wages were paid. In 2018, $8 million in wages were earned and $7 million in cash wages were paid. Cash wages were used to first pay wages earned in 2017 with the remainder used to pay wages earned in 2018. Any earned but unpaid wages will be paid during the first quarter of 2019. Using only the information provided, which of the following statements is most accurate? • Liabilities increased by $1.0 m...

Fundamental Characteristics of Accounting Information1. Relevance 2. Reliability (faithful representation) Comprehensive IncomeNI + OCI Unrealized G/L AFS SecuritiesOCI: Not on income statement Unusual, frequent itemsNo separate disclosures Aspects of RelevancePredictive Value, Confirmatory Value, Materiality Aspects of ReliabilityComparability (consistency), verifiability, timeliness, understandability Single source of US GAAP

Financial Accounting Fundamentals Marco J. Malandra, CPA Learning Objectives 1. 2. 3. 4. 5. Language of Business: GAAP FS & CPA Audit The Format, Differences & Relationships of the FS The Logic of the Debit | Credit Chart The 3 Types of Entries & 2 Types of “Books” Chart of Accounts – 4 Characteristics for Each 3 Maxims of Financial Accounting What is the “Language of Business”? Identifying, measuring & communicating financial info about enti...

Accounting Crash Course Exam V4 Wall Street Prep Exam Questions with complete Answers | Latest Updated 2024/2025 | Graded A+. What is Accounting?: Accounting is the language of business; it is a standard set of rules for measuring a company's financial performance. Assessing a company's financial performance is important for: The firm's officers (managers and employees) Investors Lenders General public Standard financial statements serve as a "yardstick" of communicating financial p...