Financial accounting q - Study guides, Class notes & Summaries

WGU C214 Concepts Only Multi Choice Version 2024/25 220 Q/A Trading on the NYSE is executed without a specialist (i.e. a market maker). (T/F) - ANSWER F Stocks and bonds are two types of financial instruments (T/F) - ANSWER T The matching principle in accrual accounting requires that: a. Revenues be recognized when the earnings process is complete and matches expenses to revenues recognized....

TESTBANK FOR Corporate Finance, 3rd Edition by Jonathan Berk and Peter DeMarzo Corporate Finance, 3e (Berk/DeMarzo) Chapter 1 The Corporation 1.1 The Four Types of Firms 1) A sole proprietorship is owned by: A) one person. B) two of more persons. C) shareholders. D) bankers. Answer: A Diff: 1 Section: 1.1 The Four Types of Firms Skill: Definition 2) Which of the following organization forms for a business does NOT avoid double taxation? A) Limited partnership B) "C" corporati...

WGU C213 Object Assessment Accounting for Decision Makers 2023/ 2024 Exam |Actual Questions and Verified Answers | A Grade Q: Which of the following is NOT a reason for the integration of worldwide accounting standards? Answer: the theoretical necessity of a common set of accounting standards Q: The International Accounting Standards Board (IASB) is charged with developing worldwide accounting practices? Answer: True Q: With the current state of information technology, in...

In the annual report, where would a financial statement reader find out if the company's financial statements give a fair depiction of its financial position and operating results? Answer> Auditor's report Which accounting assumption assumes that an enterprise will continue in operation long enough to carry out its existing objectives and commitments? Answer> Going Concern Assumption Johnny's Car Repair Shop started the year with total assets of $60,000 and total liabilities...

Sarbanes-Oxley Act (SOX) ~ Requires companies to review internal control and take responsibility for the accuracy and completeness of their financial statements. Securities and Exchange Commission (SEC) ~ U.S. government agency that oversees the U.S. financial market. Sole Proprietorship ~ A business with a single owner. Statement of Cash Flows ~ Reports on a business's cash receipts and cash payments for a specific period. Statement of Retained Earnings ~ Reports how the comp...

Comparing actual outcomes with budget outcomes, then following up, is an example of a Answer> Controlling activities Which of the following is typically a starting point for the budget process? Answer> a sales budget Tax accounting is generally most used by: Answer> Internal revenue service (IRS) Management accountant place more emphases on which of the following Answer> future activities Which of the following organization would be most likely to accept a process costing...

LBO Modeling Exam from Wall Street Prep 2024 / Wall Street Prep Premium Exam Transaction Comps Modeling Wall Street Prep Exam 2024 GRADED A+ What is generally not considered to be a pre-tax nonrecurring (unusual or infrequent) item? - ANS-Extraordinary gains/losses what is false about depreciation and amortization - ANSD&A may be classified within interest expense Company X's current assets increased by $40 million from while the companies current liabilities increased by $25 millio...

Chapter 1—Financial Reporting MULTIPLE CHOICE 1. The following is NOT a major component of the financial statements: a. auditor’s opinion b. annual report c. explanatory notes d. balance sheet ANS: B PTS: 1 TOP: AICPA FN-Reporting DIF: Easy OBJ: LO 1 MSC: AACSB Reflective Thinking 2. The following are users of accounting information: a. stakeholders b. creditors c. investors d. all of the above ANS: D PTS: 1 TOP: AICPA FN-Reporting 3. Interested parties receive information ab...

ACCOUNTING (ACG 2024 - Financial Accounting Q & A short answer exam questionACCOUNTING (ACG 2024 - Financial Accounting Q & A short answer exam questionACCOUNTING (ACG 2024 - Financial Accounting Q & A short answer exam questionACCOUNTING (ACG 2024 - Financial Accounting Q & A short answer exam questionACCOUNTING (ACG 2024 - Financial Accounting Q & A short answer exam questionACCOUNTING (ACG 2024 - Financial Accounting Q & A short answer exam questionACCOUNTING (ACG 2024 - Financial...

What is generally not considered to be a pre-tax non-recurring (unusual or infrequent) item? - ANSWER-Extraordinary gains/losses what is false about depreciation and amortization - ANSWER-D&A may be classified within interest expense Company X's current assets increased by $40 million from 2007-2008 while the companies current liabilities increased by $25 million over the same period. the cash impact of the change in working capital was - ANSWER-a decrease of 15 million the final compo...

WGU D196 Study Guide (Latest 2024/ 2025 Update) Principles of Financial and Managerial Accounting- Questions and Verified Answers| 100% Correct| Grade A Q: Securities and Exchange Commission(SEC) Answer: Regulates stock exchanges a) Has legal authority to regulate financial markets and accounting b) Usually defers to the FASB on accounting matters Q: The Public Company Accounting Oversight Board(PCAOB) Answer: Oversees all accounting firms. Q: What is the role and ...