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MBA 5133 Financial Accounting - 2024 (A+) Exam 1 Revision Questions and 100% Correct Questions
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MBA 5133 Financial Accounting - 2024(A+) Exam 1 Revision Questions and
100% Correct Questions
Sammy Sylvan
[COMPANY NAME] [Company address]
, MBA 5133 Financial Accounting - 2024
(A+) Exam 1 Revision Questions and
100% Correct Questions
Financial Accounting Standards Board (FASB) - answer A privately funded organization
with the primary authority for establishing accounting standards in the United States
Generally Accepting Accounting Principles (GAAP) - answer The measurement rules
established by the FASB
Financial reports issued to the public must follow GAAP
International Financial Reporting Standards (IFRS) - answer Accounting standards,
issued by the IASB, that have been adopted by many countries outside of the United
States.
Accounting Equation - answer Assets (Claims) = Liabilities (Creditors) + Stockholder's
Equity (Investors)
Assets - answer - Assets are displayed on the left side of the accounting equations
- Economic resources presently controlled by the company that have measurable value
and are expected to benefit the company by producing cash inflows or reducing cash
outflows in the future
*Something that is owned to produce revenue and it will benefit for a period of >1 year
- Ex. Cash, equipment, buildings, land, accounts receivable, inventory, furniture,
supplies, patents, etc.
Liabilities - answer - Measurable amounts that the company owes to the creditors
Ex. Notes Payable, Accts. Payable, Salaries Payable, Interest Payable
Stockholder's Equity - answer - Owner's claims to the business resources
1. Common Stock - commitments made to investors are described in certificates
2. Retained Earnings - increase to equity from earnings
Revenue - answer Sales of goods/services to customers, measured at the amount the
business charges the customer
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