Accy 200 - Study guides, Class notes & Summaries

The balance sheet equation can be represented by: Answer Assets = Liabilities + Stockholders' Equity. This accounting method accomplishes much of the matching of revenues and expenses? Answer Accrual accounting A fiscal year: Answer is frequently selected based on the firm's operating cycle Expenses are: Answer decreases in net assets resulting from usual operating activities The going concern concept refers to a presumption that: Answer the entity will continue to operate in the f...

ACCY 200 Exam 1 UIUC All Answers Correct A credit entry will ️increase a liability account A magazine publisher has an account called "Unearned Subscription Revenue." The transaction that causes the balance of this account to decrease is ️magazines are mailed to subscribers A transaction that is likely to cause an increase in a current liability is ️accrual of interest expense A working capital loan will generally ️not affect working capital Accounting equation: ️Assets =...

SB CHP.2 ACCY 200 EXAM 1 Verified Solutions ________________ principle in accounting relates to making judgments and estimates that result in lower profits and asset valuation estimates rather than higher profits and asset valuation estimates. ️Conservatism _________means that absolute exactness is not necessary in the amounts shown in the financial statements. ️materiality A corporation's annual report contains the reporting firm's financial statements and each of the follow...

The balance sheet equation can be represented by: - Assets = Liabilities + Stockholders' Equity. This accounting method accomplishes much of the matching of revenues and expenses? - Accrual accounting A fiscal year: - is frequently selected based on the firm's operating cycle Expenses are: - decreases in net assets resulting from usual operating activities The going concern concept refers to a presumption that: - the entity will continue to operate in the foreseeable future. A credit e...

The balance sheet equation can be represented by: - Assets = Liabilities + Stockholders' Equity. This accounting method accomplishes much of the matching of revenues and expenses? - Accrual accounting A fiscal year: - is frequently selected based on the firm's operating cycle Expenses are: - decreases in net assets resulting from usual operating activities The going concern concept refers to a presumption that: - the entity will continue to operate in the foreseeable future. A credit e...

ACCT 5312| ACCY 200 CQ2 | questions and Answers Which of the following entities would not require accounting information pertaining to their economic activities? ** Answ** All: Social clubs. Not-for-profit entities. State governments. The authoritative financial accounting standards-setting body in the United States is presently the: ** Answ** Financial Accounting Standards Board (FASB).

UIUC accy 200 EXAM 2 Questions and Answers 100%correct Managerial accounting, as opposed to financial accounting, is primarily concerned with: A) The financial condition of the organization as a whole. B) Meeting the requirements of generally accepted accounting principles. C) Emphasizing the future. D) Providing data for investors and creditors. E) Determining exact results. Emphasizing the future

ACCY 200 Exam 1 All CQ questions Questions and Answers 100%correct The balance sheet might also be called: - Statement of Financial Position. - Statement of Assets. - Statement of Changes in Financial Position.