Contributed capital - Study guides, Class notes & Summaries

What is the definition of revenues? Correct Answer-Assets received from selling goods and services What is the definition of expenses? Correct Answer-The cost associated with doing business What does the accounting equation? Correct Answer-Assets = liabilities + stockholders equity What is FASB? Correct Answer-Financial accounting standards Board, the organization primarily responsible for setting accounting principles (GAAP) What is the primary objective of financial reporting? Corr...

Asset - Answer-Economic resources that are expected to benefit the business in the future Example: cash, land, accounts receivable, prepaid rent, property, plant, equipment, building, furniture, and borrowing money from bank Liability - Answer-Debt that are owed to creditors. Represents the creditors claim on the business assets Example: rent payable, notes payable, accounts payable, and unearned revenue Managerial Accounting - Answer-Provides for external decision makers Financia...

4 Financial Statements - Answer 1) Balance Sheet 2) Income Statement 3) Statement of Owners Equity 4) Statement of Cash Flows GAAP - Answer Generally accepted accounting principles (Rules for comparison between financial statements, established by private FASB and public the public SEC) Balance Sheet - Answer Statement of financial position (Assets, Liabilities, Equity). Prepared at a specific point in time. Assets - Answer Economic resources owned Liabilities - Answer...

The accounting equation states: Assets = Liabilities + Owners Equity Owner's Equity has two components: Owner's Equity = Contributed Capital + Retained Earnings Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brainpower Read More Contributed Capital The amount of payments in cash or assets that the owners have made to the company The accounting equation can be expanded to: Assets = Liabilties + Contributed Capit...

MIE 201 Exam 2: Chapters 4, 5, 8 Makanui NCSU Questions and Answers 100% Pass 3 types of business ownership - Correct Answer ️️ -- sole propreitorship - partnership - corporation sole proprietorships - Correct Answer ️️ -- businesses owned by one individual - the most common form of business organization in the United States - easiest and least expensive form of business to start - ex: tutoring/bookkeeping/landscaping etc... sole proprietorship advantages - Correct Answer ️️...

CFI CBCA CORE COURSE ASSESMENTS & QUIZZES TEST BANK / 250 + QUESTIONS AND CORRECT VERIFIED ANSWERS 2025 GRADED A+ LATEST UPDATE . 2 / 23 1. What is the main goal of using business writing fundamentals?: To reduce mental effort 2. Which of the following statements describes a "Capacity" strength or weak- ness for a company in the 5 Cs of credit framework?: The net profit margin ratio is high. 3. Which of the following statements describes a "Condition" strength or weakness f...

Name four examples of alternative capital - Answer-Pension Plan Endowments Hedge Funds Alt. Asset Manager what is it called when a reinsurer transfers risk to another reinsurer? - Answer-Retrocession who is the reinsurer who the additional risk is ceded to? - Answer-Retrocessionaire Who is the primary or reinsurer who transfers the risk? - Answer-cedent Where are the top insurance markets? - Answer-US China Japan What is the US insurance market driven by? - Answer-property and casualty...

Balance Sheet A financial statement that reports assets, liabilities, and owner's equity on a specific date/at a point in time. Lists the company's investments and sources of financing using the accounting equation § Assets=liabilities+equity § Statement of financial position Statement of Cash Flows A financial statement that provides financial information about the cash receipts and cash payments of a business for a specific period of time. § Operating cash flows differ from net income ...

Deferred performance liabilities/deferred liabilities - correct answer Future obligations to perform services Example: Unearned revenue Notes payable - correct answer Current liability. Short term financing (due in less than one year) obtained from banks and other creditors. Notes due in greater than 12 months are considered a non-current liability. Accounts payable - correct answer ...

The accounting standards power was first given to.... a. Accounting Principles Board b. Financial Accounting Standards Board c. The Committee on Accounting Procedure d. FASB Accounting Standards Codification - c The FASB Accounting Standards Codification - July 2009, is: a. the international accounting standard setter, establishing IFRS which are required in roughly 130 countries b. an electronic database that integrates and topically organizes US GAAP into one coherent body of literatu...