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Financial Accounting Exam 1 - Chapters 1-3 Exam Questions and Answers
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  • Financial Accounting
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  • Financial Accounting

Accounting - Answer-The information system that identifies, records, and communicates the economic events of an organization to interested users Auditor's Report - Answer-A report prepared by an independent outside auditor stating the auditor's opinion as to the fairness of the presentation of t...

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  • 20 de agosto de 2024
  • 4
  • 2024/2025
  • Examen
  • Preguntas y respuestas

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  • financial accounting exam 1 chapters 1 3 exam qu
  • accounting answer the information system that id

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  • Financial Accounting
  • Financial Accounting

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Financial Accounting Exam 1 - Chapters
1-3 Exam Questions and Answers
Accounting - Answer-The information system that identifies, records, and communicates
the economic events of an organization to interested users

Auditor's Report - Answer-A report prepared by an independent outside auditor stating
the auditor's opinion as to the fairness of the presentation of the financial position and
results of operations and their conformance with GAAP

Balance Sheet - Answer-Reports the assets and claims to those assets (liabilities and
SE) at a specific point in time

Basic Accounting Equation - Answer-Assets = Liabilities + SE

CPA - Answer-Certified Public Accountant - Individual has met certain criteria and
allowed to perform audits of corporations

Common Stock - Answer-Term used to describe the total amount paid in by
stockholders for the shares they purchase

Corporation - Answer-A business organized as a separate legal entity owned by
stockholders

Income Statement - Answer-Reports a company's revenues and expenses and resulting
net income or loss for a specific period of time

Liabilities - Answer-Amounts owed to creditors in the form of debts and other obligations

Management Discussion and Analysis (MD&A) - Answer-A section of the annual report
that presents management views on the company's ability to pay near-term obligations,
its ability to fund operations and expansion, and its results of operations

Partnership - Answer-A business owned by 2 or more persons associated as partners

Retained Earnings - Answer-The amount of net income retained in the corporation

Retained Earnings Statement - Answer-Beg. R/E Balance + Net income/loss -
Dividends = Ending R/E

Sarbanes-Oaxley Act (SOX) - Answer-Regulations passed by Congress to reduce
unethical corporate behavior

Sole Proprietorship - Answer-A business owned by one person

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