Mha 706 module 2 Study guides, Class notes & Summaries

MHA 706 Module 2 (LSUS MHA 706) – Q’s And A’s

MHA 706 Module 2 Exam Questions And Answers Financial Accounting - ANS involves identifying, recording and communicating the operational results and status of organization. (i.e. income statement, statement of changes in equity, balance sheet, and statement of cash flows) Do not for profit organizations have to prepare financial statements? - ANS Yes- they also have stakeholders and managers that have an interest in financial reporting Should the preparation and presentation of financ...

MHA 706 Module 2 (LSUS MHA 706)

MHA 706 Module 2 (LSUS MHA 706)

MHA 706 Module 2 (LSUS MHA 706) Financial Accounting - CORRECT ANSWER-involves identifying, recording and communicating the operational results and status of organization. (i.e. income statement, statement of changes in equity, balance sheet, and statement of cash flows) Do not for profit organizations have to prepare financial statements? - CORRECT ANSWER-Yes- they also have stakeholders and managers that have an interest in financial reporting Should the preparation and presentation of...

Monetary unit - Answer in the US, the unit is the US dollar, unadjusted for inflation and deflation Historical costs - Answer Requires most assets to be valued at acquisition (historical) costs rather than fair market (current) value Revenue recognition - Answer Revenues must be recognized in the period in which they are realizable and earned

MHA 706 Module 2 (LSUS MHA 706) .

Financial Accounting - CORRECT ANSWER-involves identifying, recording and communicating the operational results and status of organization. (i.e. income statement, statement of changes in equity, balance sheet, and statement of cash flows) Do not for profit organizations have to prepare financial statements? - CORRECT ANSWER-Yes- they also have stakeholders and managers that have an interest in financial reporting Should the preparation and presentation of financial accounting data be re...

MHA 706 Module 2 QuizGenerally Accepted Accounting Principles (GAAP) are said to be compromised of assumptions, principles, and constraints. Match the term to its appropriate category. Going concern - Expense Matching - Materiality - - correct answer a) GAAP assumptions b) GAAP Principle c) GAAP Constraint reports income from activities not related to "core" business of the organization. - correct answer Non-operating Income is a measure of income generated from the "core" busi...

MHA 706 Module 2 (LSUS MHA 706)