Gmu accounting 303 exam 1 - Study guides, Class notes & Summaries

GMU ACCOUNTING 303 EXAM 1 LATEST UPDATE GRADED A+ 4 financial statements -income statement -retained earnings statement -balance sheet -statement of cash flows Accounting information system: System of: -collecting and -processing transaction data and -communicating financial information to decision-makers. Accrual basis accounting Transactions recorded in the periods in which the events occur. Revenues are recognized when services performed, even if cash was not rece...

Accru Long-term liabilities - ️️due in longer than a year Management discussion and analysis (MD&A) - ️️presents management's view on the company's ability to pay near-term obligations, its ability to fund operations and expansion, and its results of operations. Monetary unit asssumption - ️️Requires that only those things that can be expressed in money are included in the accounting records al basis accounting - ️️Transactions recorded in the periods in which the eve...

GMU ACCOUNTING 303 EXAM 1 QUESTIONS AND ANSWERS Forms of business organizations - Correct Answer️️ -Sole proprietorship Partnership Corporation Sole Proprietorship - Correct Answer️️ --Simple to establish -owner controlled -tax advantages Partnership - Correct Answer️️ --Simple to establish -shared control -broader skills and resources -tax advantages Corporation - Correct Answer️️ --Easier to transfer ownership -Easier to raise funds -No personal liability Interna...

GMU ACCOUNTING 303 EXAM 1 WITH COMPLETE SOLUTION...

ACCT 303 GMU Final Exam Prep Questions with Verified Solutions A company makes a credit sale of $750 on June 13, terms 2/10, n/30, on which it grants a return of $50 on June 16. What amount is received as payment in full on June 23? (a)$700. (b)$686. (c)$685. (d)$650. (b) $686. The full amount of $686 is paid within 10 days of the purchase {($750 − $50) − [($750 − $50) × 2%]}. A company spends $20 million dollars for an office building. Over what period should the cost be ...