Accy 200 exam - 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

ACCY 200 Exam 1 All CQ questions Questions and Answers 100%correct The balance sheet might also be called: - Statement of Financial Position. - Statement of Assets. - Statement of Changes in Financial Position.

ACCY 200 Exam 1 UIUC questions Questions and Answers 100%correct The balance sheet equation can be represented by: Assets = Liabilities + Stockholders' Equity. This accounting method accomplishes much of the matching of revenues and expenses? Accrual accounting A fiscal year: is frequently selected based on the firm's operating cycle Expenses are: decreases in net assets resulting from usual operating activities

ACCY 200 EXAM 1 UIUC Questions and Answers 100%correct Revenues are increases in net assets from selling a product Paid-in Capital represents the amount invested in the entity by the stockholders The Statement of Cash Flows shows how cash changed during the period Accrual accounting accomplishes much of the matching of revenues and expenses Stockholders' equity refers to the ownership right of the stockholders of the entity

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