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Foundations of accounting questions with correct answers.
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Foundations of accounting questions with correct answers.
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Foundations of accounting questionswith correct answers.
Financial accounting ANS - Provides the information to decision makers which are external to the
business. They need information such as the performance of the business, and the advisability of
retaining their investment in the business. Share holders determine to buy more or less shares.
Managerial Accounting ANS - responsibilities.
1. Wether to build a new plant
2. how much to spend for advertising, research and development.
3. wether to lear or buy equipment and facilities.
Balance sheet ANS - shows the firm's assets, liabilities, and owners equity.
Assets ANS - valuable resources that a firm owns or control
Inventory ANS - merchandise acquired that is to be sold to costumers.
Liabilities ANS - obligations of the business to convey something of value in the future
Accounts payable (liability) ANS - Things that a business owes.
Notes payable ANS - formal, written obligations-loans that a business has.
Owner's equity ANS - refers to owner's interest in the business. It is a residual amount that equals
assets minus liabilities.
Income Statement ANS - summarizes the earnings generated by a firm during a specified during a
period of time.
, Revenue ANS - inflows of assets from providing goods and services to customers
Cost of goods sold ANS - cost of merchandise sold to its costumers
General and administrative expenses ANS - include salaries, rent, and other items..also knowns as
overhead cost
net income ANS - the differences between revenue and expenses
the statement of cash flows ANS - summarizes a firm's inflows and outflows of cash has 3 sections:
Operating activities, investing activities, and financing activities
Basic Accounting Equation ANS - Assets= Liabilities + Owner's equity
Expenses ANS - occur when resources are consumed in order to generate revenue
Transactions that affect owner's equity ANS - Owners contributions, owner's withdrawal, revenue, and
expenses
Retained earnings ANS - contains the effect of revenue and expense transactions on shareholders'
equity. That is, it reflects the increase (or decrease) in the shareholders interests in the firm that arose
from operations since the firms inception.
Cost object ANS - is any activity or item for which we desire a separate cost measurement.
Product Cost ANS - The Cost that various products a company sells
direct cost ANS - a cost that is easily traced to individual cost object
indirect cost ANS - cost that supports more than one cost objective
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