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ACC200 Final Exam | Questions And Answers Latest {} A+ Graded | 100% Verified
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ACC200 Final Exam | Questions And Answers Latest {2024- 2025} A+ Graded | 100%Verified
What are the three types of businesses? - Service, Merchandising, Manufacturing
What does a service business do? - Provides services to customers (does not sell goods).
What does a merchandising business do? - Buys finished goods and sells them to customers.
What does a manufacturing business do? - Makes/manufactures the products they sell.
What resources are used by businesses? - Financial, Physical, Labor
What are financial resources? - Money needed to establish and operate the business.
Where do financial resources come from? - Investors and Creditors
What are physical resources? - Natural resources
What are labor resources? - Intellectual and physical labor.
What is accounting? - The information system that reports on the economic activities and the financial
condition of a business or other organization.
What is financial accounting? - Branch of accounting focused on the information needs of external users.
What is managerial accounting? - Branch of accounting focused on the information needs of managers
and others working within the business.
What are external stakeholders? - Lenders/Creditors
,Owners/Stakeholders
Suppliers
Customers
Government
What are internal stakeholders? - Business managers and employees
Are stockholders always stakeholders? - All stockholders are stakeholders, but not all stakeholders are
stockholders.
What are types of nonprofit businesses? - Foundations
Religious Groups
Governments
ex: Goodwill, YWCA, St. Jude
What are the goals of nonprofit businesses? - To meet a societal need.
What do nonprofit businesses need accounting for? - To provide donors and contributors information on
the uses of resources and effectiveness of meeting the goal.
When did the stock market crash? - October 24th, 1929
What brought on the establishment of standard accounting principles? - After the stock market crashed,
the public wanted transparency in reporting and regulation in capital market.
What does FASB stand for? - Financial Accounting Standards Board
What is the FASB? - A privately funded organization that established the accounting standards in the
U.S.
,What is GAAP? - Generally Accepted Accounting Principles.
What is IASB? - International Accounting Standards Board
What is IFRS? - It is a widely accepted set of accounting principles that is in use outside the USA in most
countries.
It has largely replaced the individual country GAAP that existed in the countries that now use IFRS.
Who created IFRS? - IASB
What is the accounting equation? - Assets = Liabilities + Stockholders' Equity
What makes up stockholders' equity in the accounting equation? - Common stock + Retained Earnings
What are assets? - Resources owned/used by a business to earn money.
EX: buildings, cash, inventory, land
What are liabilities? - Amounts a company owes to its' creditors.
EX: wages payable, taxes payable, interest payable
What is stockholders' equity? - Owners claims to the company's assets.
What three sources do assets come from? - Creditors (liabilities)
Investors (common stock)
Operations (retained earnings)
, Revenues __________ retained earnings. - increase
Expenses and dividends __________ retained earnings. - decrease
Where can profit go? - Retained earnings (company keeps profit)
Dividends (company repays portion of profits to owners)
What does double entry bookkeeping mean? - Every financial transaction hits the balance sheet at least
two times.
What is the historical cost concept? - Requires that most assets be reported as the amount paid for
them (their historical cost) regardless of increases in market value.
Does retained earnings represent the amount of cash on hand? - No. You can earn revenue without
having cash.
EX: Purchases made with a credit card are not cash purchases.
What is the "going concern" principle? - Assumes the company will stay in business for the foreseeable
future.
What are the four financial statements? - 1. Income Statement
2. Statement of Stockholders' Equity
3. Balance Sheet
4. Statement of Cash Flows
What is the matching concept? - Expenses are recorded in the same period that any revenue associated
with the expenses is generated.
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