Exam (elaborations)

Accounting MBA 620 || Already Graded A+.

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Accounting MBA 620

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Accounting MBA 620

does accounting mattter? correct answers yes! reports provide information to the market when accounting released the sentiment in those reports are then correlated with changes in the stock price basic accounting theory correct answers a basic set of concepts and related principles that explain ...

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Uploaded on August 9, 2024
Number of pages 8
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

does accounting mattter

Institution Accounting MBA 620
Course Accounting MBA 620

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Accounting MBA 620 || Already Graded A+.
does accounting mattter? correct answers yes! reports provide information to the market when
accounting released the sentiment in those reports are then correlated with changes in the stock
price

basic accounting theory correct answers a basic set of concepts and related principles that explain
and guide the accountants actions in - identifying, measuring and communicating economic
income

should accounting income = economic income correct answers no- economic income takes into
account human capital and accounting income takes into account the past

business entity correct answers be reported separately

going concern correct answers expect the business will continue operation into the foreseeable
future

monetary value correct answers measure value and provide someway thats consistent for valuing
what company does

periodicity correct answers operations can be separated in periods to help assess performance of
a company

substance over form correct answers report the substance rather than a legal or technical form

consistency correct answers apply the same accounting methods each year

historical cost correct answers report activities at their cash value at the time of the transaction

fair market value correct answers report the value of a transaction or asset / liability at the value
that one would receive in the market

recognition correct answers recording transaction based on accounting rules - accrual basis

realization correct answers actual paying of cash

revenue recognition correct answers report revenue when earned and right to pay

expense recognition correct answers report expense obligations when obligated to pay

conservatism correct answers when faced with decision of equally likely outcomes, choose one
to minimize profit

full and fair disclosure correct answers disclose anything that would affect an informed investor
in making decision

, 3 forms of business org correct answers 1. sole propietorship
2. partnership a. passive b. active
3. corporation a. private b. public - for or non profit

5 types of accounts correct answers 1. Assets- resources
2. Liabilities- obligations
3. Equity- contributed capital, retained earnings
4. Revenue- earned
5. Expenses- reported cost for earnings

accounting equations correct answers income statement- revenue- expense= profit or loss
balance set- asset = liability + equity

basic accountant equation correct answers beginning balance + inflow - outflow= ending balance

asset correct answers what we own

liabilities + equity

liabilities correct answers what we owe

equity correct answers contributed capital (what the owners put into the business)
retained earnings (accomulated operations, profit/ less, less whats been distributed

assets correct answers must be owned by the company and must confer expected future
economic benefits that result from past transaction or event

record as expense correct answers when a cost creates an immediate benefit

record as asset correct answers when a cost creates future economic benefit

current assets correct answers Cash, short-term investments, accounts receivable, inventory, and
prepaid expenses.

long term assets correct answers PPE, Long-term investments, intangible and other assets

current liabilities correct answers accounts payable, accrued liabilities, unearned revenues, short-
term notes payable, current maturities of long term debt

noncurrent liabilities correct answers long term debt
other long term liabilities

contributed capital correct answers common stock, additional paid in capital, preferred stock,
treasury stock, retained earnings, accumulated other comprehensive income or loss

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Exam (elaborations)

Accounting MBA 620 || Already Graded A+.

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