Act 205 csu - Study guides, Class notes & Summaries

CSU ACT 205 Exam 3 Questions and Correct Answers Primary Users of Reports: Managerial Accounting - ANSWER Internal Users: Officers and Managers Types and Frequency of Reports: Managerial Accounting - ANSWER Internal Reports as frequent as needed Purpose of Reports: Managerial Accounting - ANSWER Special-purpose for specific decisions Content of Reports: Managerial Accounting - ANSWER Pertains to subunits of the business. Very detailed. Extends beyond accrual...

ACT 205 CSU EXAM 1 Questions and Answers Asset Accounts are: - ANSWER Land Cash Accounts Receivable Notes Receivable Prepaid Accounts Supplies Equipment Buildings Liability accounts are: - ANSWER Notes Payable Accounts Payable Accrued Liabilities Unearned Revenue The account types are: - ANSWER Accounts Payable Notes Payable Unearned Revenue Accrued Liabilities Equity Accounts: - ANSWER + Common Stock - Dividends + Revenues - Expenses...

Type of Business Organization - Answer-Sole Proprietorship -Simple to establish -owner controlled -tax advantages Type of Business Organization - Answer-Partnerships -simple to establish -shared control -broader skills and resources -tax advantages Type of Business Organization - Answer-Corporations -easier to transfer ownership -easier to raise funds -no personal liability Primary users of accounting information - Answer-internal and external internal users - Answer-The organizati...

CSU ACT 205 Exam 2 Questions and Correct Answers Reasons for incorrect financial statements - ANSWER errors fraud Occupational fraud - ANSWER the use of one's occupation for personal enrichment through the deliberate misuse or misapplication of the employer's resources. -2 parts: misuse of resources and financial statement manipulation Fraud triangle - ANSWER three elements present in fraudulent activity= opportunity, financial pressure, rationalizatio...

CSU ACT 205 Exam 3 Questions and Answers Managerial Accounting - ANSWER - Provides financial information to INTERNAL users - Reporting is generated AS NEEDED - Reporting is tailored to specific needs - Reporting intended for forecasting and understanding future needs - Does NOT need to follow GAAP Financial Accounting - ANSWER the branch of accounting that prepares financial statements for use by owners, creditors, suppliers, and other external stakeholders Manageme...

CSU ACT 205 exam 1 COMPLETE SOLUTION TESTED AND VERIFIED FOR A+ ACHIEVERS!!

ACT 205 Exam 3 CSU EXAM UPDATED VERSION QUESTIONS AND ANSWERS!!

CSU ACT 205 Exam Questions and Answers All Correct What are the 2 primary functions of financial accounting? - ANSWER to measure activities of a company and communicate those measurements to investors What 3 fundamental business activities does financial accounting measure? - ANSWER cing activities 2. investing activities 3. operating activities financing activities - ANSWER includes transactions the business has with creditors and investors such as is...

CSU ACT 205 Final Exam With Complete Solution...