Gaap - Study guides, Class notes & Summaries

ACCOUNTING CRASH COURSE EXAM FROM WALL STREET PREP ACTUAL EXAM 2024 LATEST VERSION WITH ALL 40 QUESTIONS AND CORRECT ANSWERS GRADED A+ / WALL STREET PREP ACCOUNTING CRASH COURSE ACTUAL EXAM (BRAND NEW!!) Assume US GAAP to answer this question. In 2017, $2 million in wages were earned and no cash wages were paid. In 2018, $8 million in wages were earned and $7 million in cash wages were paid. Cash wages were used to first pay wages earned in 2017 with the remainder used to pay wages ...

What is the primary responsibility of FASB? Correct Answer-Developing GAAP What is the accounting equation? Correct Answer-Assets=Liability+Equity What is the definition of revenue? Correct Answer-Money earned from providing a product or service Is CoGS an expense? Correct Answer-Yes What is the primary objective of financial reporting? Correct Answer-To provide info for decision making What accounts are on the balance sheet? Correct Answer-Assets, liabilities, equity What acco...

QUESTION 1 The next two questions use data from Athenahealth financial filing, which can be downloaded by clicking here. The next two questions will use the following scenario: It is July 4, 2017 and you are asked to perform a company profile for Athenahealth (ATHN), with a latest closing share price of $140.07. The company’s most recent earnings report was for the first quarter 2017 for the period ending 3/31/2017. Calculate ATHNʼs LTM Non-GAAP operating profit. Use the company’s own d...

Which of the following represents a resource of the company? 1.Liability 2.Asset. 3.Dividend. 4. Expense. - correct answer Asset Financial accounting information is essential to: Marketing the company's products to customers. Making good business decisions. Quality of the work environment for employees. Paying the appropriate amount of taxes. - correct answer Making good business decisions. Which financial statement reports a company's assets and liabiliti...

TABLE OF CONTENTS: Chapter 1: Th e Economi c and Institutional Setting for Financial Reporting Chapter 2: Accrual Accounting and Income Determination Chapter 3: Revenue Recognition Chapter 4: Structure of the Balance Sheet and Statement of Cash Flows Chapter 5: Accounting Changes and Restatements, Financial Statement Notes, and Non-GAAP Metrics Chapter 6: Essentials of Financial Statement Analysis Chapter 7: The Role of Financial Information in Valuation and Credit Risk Assessment Chapter 8: The...

Assume US GAAP to answer this question. In 2017, $2 million in wages were earned and no cash wages were paid. In 2018, $8 million in wages were earned and $7 million in cash wages were paid. - Cash wages were used to first pay wages earned in 2017 with the remainder used to pay wages earned in 2018. - Any earned but unpaid wages will be paid during the first quarter of 2019. Using only the information provided, which of the following statements is most accurate? Liabilities increased...

The auditor's judgment concerning the overall fairness of the presentation of financial position, results of operations, and cash flows is applied within the framework of: A: quality control. B: generally accepted auditing standards, which include the concept of materiality. C: the auditor's evaluation of the audited company's internal control. D: the applicable financial reporting framework (i.e., GAAP in the United States). - ️️D: the applicable financial reporting framework (i.e....

The auditor's judgment concerning the overall fairness of the presentation of financial position, results of operations, and cash flows is applied within the framework of: A: quality control. B: generally accepted auditing standards, which include the concept of materiality. C: the auditor's evaluation of the audited company's internal control. D: the applicable financial reporting framework (i.e., GAAP in the United States). correct answersD: the applicable financial reporting fr...

unmodified report correct answer: the name of a clean report for private companies unqualified report correct answer: the name of a clean report for public companies clean report correct answer: means that in the auditors' opinion if the company follows GAAP end of field work correct answer: the date at the bottom of the audit report, stating 45 days after year end, when auditors stop gathering evidence, no hard deadline from the government management's responsibilities correct...

INTERPRETING NON-GAAP REPORTS EXAM FROM WALL STREET PREP LATEST VERSION A+ GRADED/INTERPRETING NON-GAAP REPORTS EXAM FROM WALL STREET PREP LATEST VERSION A+ GRADED/INTERPRETING NON-GAAP REPORTS EXAM FROM WALL STREET PREP LATEST VERSION A+ GRADED