Examen
Accounting chapter 1, 2, 3 questions with actual answers.
- Grado
- Institución
Accounting chapter 1, 2, 3 questions with actual answers.
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Accounting chapter 1, 2, 3 questionswith actual answers.
Financial Accounting ANS - Provides info to external users via financial statements
Managerial accounting ANS - provides info to internal users via internal reports
Generally accepted accounting principles ANS - GAAP
SEC ANS - Securities and exchange commission (sets GAAP, that is issued by FASB). Establishes
reporting requirements and sets GAAP for companies that issue stock
Financial Accounting Standards Board ANS - Private group that issues GAAP and set both broad and
specific principles
IASB ANS - Same as FASB but internationally
Sarbanes-Oxley Act of 2002 ANS - Aims at curbing financial abuses by companies that issue stock to the
public. Requires that public companies apply both accounting oversight and stringent internal controls
to ensure more transparency, accountability and truthfulness in reporting transactions
Measurement Principle (cost principle) ANS - Accounting info should be based on actual cost
Revenue Recognition Principle ANS - Provides guidance on when a company must recognize revenue.
Revenue is recorded only when the service is complete.
Matching principle ANS - Record expenses that were incurred to generate the revenues recorded in the
accounting period
, Full disclosure principle ANS - Requires a company to include all info in financial statements that would
impact users decisions
Going-Concern Assumption ANS - Accounting info reflects the presumption that the business will
continue operating
Monetary Unity Assumption ANS - Transactions are expressed using "money" as a common
denominator
Time Period Assumption ANS - The life of a business can be divided into distinct time periods, such as
months and years
Business entity assumption ANS - A business is accounted for separately from its owner or other
business entities
Assets ANS - Resources owned or controlled by a company
liabilities ANS - Creditors claim on assets
Equity ANS - Owner's claim on assets
Retained Earnings ANS - Income not distributed to shareholders
Revenue, expenses and dividends
Retained earnings ANS - Beginning Balance
+/- net income/loss (Rev-exp)
-dividends
Determining Equity ANS - Begin Balance
+additional investments
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