Examen
ACCOUNTING PREP QUESTIONS WITH CORRECT ANSWERS.
- Grado
- Institución
ACCOUNTING PREP QUESTIONS WITH CORRECT ANSWERS.
[Mostrar más]Vista previa 1 fuera de 3 páginas
Vista previa 1 fuera de 3 páginas
Añadir al carrito
Añadir al carrito
Vendedor
Seguir
Professorkaylee
Vista previa del contenido
ACCOUNTING PREP QUESTIONS WITHCORRECT ANSWERS.
________ are items owed to a creditor. ________ are items owned by a company. ________ represents
owners' claims to company resources. ANS - Liabilities; Assets; Stockholders' equity
Under ________ accounting, revenues are recorded when earned and expenses are recorded with
related revenues. Under ________ accounting, revenues are recorded when cash is received and
expenses are recorded when cash is paid out. Financial statements are prepared using ________
accounting ANS - accrual-basis; cash-basis; accrual-basis
The ________ retains the power and authority to set accounting standards. Currently, this responsibility
has been delegated to the________ ANS - Securities and Exchange Commission; Financial Accounting
Standards Board
In what order are the four primary financial statements prepared? ANS - Statement of cash flows >
Statement of stockholders' equity > Balance sheet > Income statement
The difference between net income and dividends paid is known as what? ANS - Addition to retained
earnings
What is the total amount of current assets to be reported on XYZ Company's 12/31/X1 classified balance
sheet? ANS - $112,800
What is the total amount of long-term assets to be reported on XYZ Company's 12/31/X1 classified
balance sheet? ANS - $115,600
What is the total amount of current liabilities to be reported on XYZ Company's 12/31/X1 classified
balance sheet? ANS - $22,600
What is the ending balance in retained earnings to be reported on XYZ Company's 12/31/X1 classified
balance sheet? ANS - $72,100
Los beneficios de comprar resúmenes en Stuvia estan en línea:
Garantiza la calidad de los comentarios
Compradores de Stuvia evaluaron más de 700.000 resúmenes. Así estas seguro que compras los mejores documentos!
Compra fácil y rápido
Puedes pagar rápidamente y en una vez con iDeal, tarjeta de crédito o con tu crédito de Stuvia. Sin tener que hacerte miembro.
Enfócate en lo más importante
Tus compañeros escriben los resúmenes. Por eso tienes la seguridad que tienes un resumen actual y confiable. Así llegas a la conclusión rapidamente!
Preguntas frecuentes
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
100% de satisfacción garantizada: ¿Cómo funciona?
Nuestra garantía de satisfacción le asegura que siempre encontrará un documento de estudio a tu medida. Tu rellenas un formulario y nuestro equipo de atención al cliente se encarga del resto.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Professorkaylee. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for $9.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
45,681 summaries were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now