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Intermediate Accounting Exam 1 Study Guide with Complete Solutions | 100% Pass What is GAAP? - Standards by which accounting info is prepared and presented to external users. (FASB is source for GAAP through Accounting Standards Codification) What are the means of Financial Reporting except Financial Statements? - To provide financial information about the reporting entity that is useful to present/potential equity investors, lenders, and other creditors in making decisions in their ca...

Intermediate Accounting Exam 1 Study Guide Questions and answers with Complete Solutions | 100% Pass GAAP (Generally Accepted Accounting Principles) - A common set of accounting standards and procedures are called IRFS includes both International Reporting Standards and International Accounting Standards - TRUE International Financial Reporting Standards preceded International Accounting Standards - TRUE The standard-setting structure used by the International Accounting Standards Bo...

Intermediate Accounting Exam 1 Review with Complete Solutions | Graded A+ Essential characteristics of accounting - the identification, measurement, and communication of financial information about economic entities to interested parties Financial accounting - prep financial reports on entity for internal and external parties Managerial accounting - identify, measure, analyze financial info needed by management to plan, control, and evaluate comp operations What are examples of financi...

Intermediate Accounting Exam 1 Questions and answers with Complete Solutions | 100% Pass The process that culminates in the preparation of financial reports on the enterprise for use by both internal and external parties - Financial accounting The process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, control, and evaluate a company's operations - Managerial accounting What are the 4 types of financial statements? - 1. Bal...

Intermediate Accounting Exam 1 Chapters 1-3 with Complete Solutions | Verified & Updated The accounting standards power was first given to.... a. Accounting Principles Board b. Financial Accounting Standards Board c. The Committee on Accounting Procedure d. FASB Accounting Standards Codification - c The FASB Accounting Standards Codification - July 2009, is: a. the international accounting standard setter, establishing IFRS which are required in roughly 130 countries b. an electroni...

Intermediate Accounting Exam #2 with 100% Correct Answers| Graded A+ Collects and processes transaction data and then disseminates the financial information to interested parties. - Accounting Information System Expenses incurred but not yet paid in cash or recorded. - Accrued Expenses The trial balance taken immediately after all adjustments have been posted. - Adjusted Trial Balance Entry made at the end of an accounting period to bring all accounts up to date on an accrual basis,...

Intermediate Accounting Chapter 1 - Exam 1 with Complete Solutions | Already Passed The balance sheet, the income statement, the statement of cash flows, and the statement of owners' or stockholders' equity. - What are the four main financial statements? Accounting provides relevant, reliable, and timely information to managers, investors, and creditors to allow resource allocation to the most efficient enterprises. Accounting also provides measurements of efficiency and financial sou...

Intermediate Accounting Chapter 1 with Complete Solutions | Verified & Updated 1. Summary of Learning Objectives Identify the major financial statements and other means of financial reporting - Companies most frequently provide (l) the balance sheet, (2) the income statement, (3) the statement of cash flows, and (4) the statement of owners' or stockholders' equity. financial accounting - The accounting process that culminates in the preparation of financial reports for use by both ...

Intermediate accounting 2 Practice Questions with 100% Correct Answers| Graded A+ For a liability to exist, - a past transaction or event must have occurred. Kenwood Co. neglected to amortize the premium on outstanding ten-year bonds payable. What is the effect of the failure to record premium amortization on interest expense and bond carrying value, respectively? - Overstate; overstate Bond discount should be presented in the financial statements of the issuer as a(n) - contra liabil...

Intermediate Accounting 1 Final Exam Questions and Answers | Graded A+ financial reporting - process of providing this information to external users capital markets - as a composite of all investors and creditors, helps our economy allocate resources cash basis accounting - measurement of cash receipts and cash payments from transactions related to providing goods and services, difference is net operating cash flow, only accounts for the cash flow/inflow when it is happens accrual b...