Williams Tech.Smartlearners

1. The three types of resources available to conversion agents are: - Ans .Financial resources, Physical resources, Labor resources 2. The three areas of service provided by public accountants are - Ans .auditing, tax, and consulting 3. The private accountant generally works for a specific company. Some of the functions performed include - Ans .classifying and recording transactions, billing customers, collecting amounts due, ordering merchandise, paying suppliers, preparing and analyz...

sole proprietorship - Ans .business owned by one person easy to form tax advantages liability partnership - Ans .two or more owners of a company broader skill set tax advantages liability corporation - Ans .legal entity with public shares owners called stockholders have to pay income tax on profit (double taxation) New York Stock Exchange - Ans .example of stock exchange where you can buy and sell shares in a company financing activities - Ans .debt financing or equity financing ...

1. which of the following is not one of the four basic financial statements? a. balance sheet b. audit report c. income statement d. statement of cash flows - Ans .b. audit report 2. as stated in the audit report, or report of independent accountants, the primary responsibility for a company's financial statements lies with a. the owners of the company b. independent financial analysts c. the auditors d. the company's management - Ans .d. the company's management 3. which of the f...

The standards, conventions, and rules that accountants follow to prepare financial reports are known as: - Ans .generally accepted accounting principles What is the term for a financial reporting period of time beginning on January 1 and ending on December 31? - Ans .B. calendar year Which type of accounting focuses on reporting information to executives and internal users of information who are involved in making day-to-day operating decisions such as purchasing and hiring? - Ans .manag...

sole proprietorship - Ans .one owner adv: easy to form dis: unlimited liability partnership - Ans .2 or more owners dis: unlimited liability corporation - Ans .sell shares of stock to investors adv: limited liability continuity of life/ ease in transfer of ownership opportunity to raise large capital through stock dis: double taxation operating - Ans .day to day operations, what keeps company running Financing - Ans .How a company pays for growth/expansion borrowing(temp) - somethin...

(ch.1) who develops and adopts generally excepted accounting principles? why should the concept of having a set of rules be important to a financial statement? who develops and adopts the international financial reporting standards? why is having a set of international rules desirable? - Ans .-the financial accounting standards board -a set of rules is important for financial statements to be consistent and comparable -the international accounting standards board -there needs to be rul...

1. Accounting - Ans .The information system that measures business activities, processes the information into reports, and communicates the results to decision makers. 2. Financial Accounting - Ans .The field of accounting that focuses on providing information for external decision makers. 3. Certified Public Accountants (CPAs) - Ans .Licensed professional accountants who serve the general public. 4. Managerial Accounting - Ans .The field of accounting that focuses on providing informat...

1. Accounts payable - Ans .money you owe others 2. Accounts receivable - Ans .money others owe you 3. notes payable/receivable - Ans .money borrowed 4. net income formula - Ans .Revenue - Expenses 5. Accounting Formula - Ans .Assets = Liabilities + Equity 6. Expanded accounting equation - Ans .Assets = Liabilities + Owner's Capital - Owner's Withdrawls + Net Income 7. Accounting is the information system that measures business activities, processes the information into reports, and c...

1. Accounting is the information system that A. processes information into reports. B. measures business activity. C. communicates the results to decision makers. D. All of the above - Ans .D. All of the above 2. Generally Accepted Accounting Principles (GAAP) are currently formulated by the A. Financial Accounting Standards Board (FASB). B. Institute of Management Accountants (IMA). C. Securities and Exchange Commission (SEC). D. American Institute of Certified Public Accountants (AIC...

Which conditions must exist for an item to be recorded as an asset? item must be expected to yield future benefits Company assets that are excluded from the company financial statements are presumably reflected in the company's stock price If an asset declines in value, which of the following must be true? Either a liability or equity also declines or another asset increases in value. Which of the following is true about accrual accounting? Accrual accounting is required under GAAP Whic...