Foundations of accounting Questions and Correct Answers/ Latest Update / Already Graded

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Foundations of accounting Questions and Correct Answers/ Latest Update / Already Graded

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Institution Foundations Of Accounting

Course Foundations of accounting

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Financial accounting Ans: Provides the information to decision makers which are external to the business. They need information such as the performance of the business, and the advisability of retaining their investment in the business. Share holders determine to buy more or less shares. Managerial Accounting Ans: responsibilities. 1. Wether to build a new plant 2. how much to spend for advertising, research and development. 3. wether to lear or buy equipment and facilities. Balance sheet Ans: shows the firm's assets, liabilities, and owners equity. Assets Page | 2 Ans: valuable resources that a firm owns or control Inventory Ans: merchandise acquired that is to be sold to costumers. Liabilities Ans: obligations of the business to convey something of value in the future Accounts payable (liability) Ans: Things that a business owes. Notes payable Ans: formal, written obligations-loans that a business has. Owner's equity Ans: refers to owner's interest in the business. It is a residual amount that equals assets minus liabilities. Income Statem

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Foundations of accounting Questions and
Correct Answers/ Latest Update / Already
Graded
Financial accounting

Ans: Provides the information to decision makers which ar e
external to the business. They need information such as the
performance of the business, and the advisability of retaining
their investment in the business. Share holders determine to
buy more or less shares.

Managerial Accounting

Ans: responsibilities.
1. Wether to build a new plant
2. how much to spend for advertising, research and
development.
3. wether to lear or buy equipment and facilities.

Balance sheet

Ans: shows the firm's assets, liabilities, and owners equit y.

Assets

All rights reserved © 2025/ 2026 |

, Page |2

Ans: valuable resources that a firm owns or control

Inventory

Ans: merchandise acquired that is to be sold to costumers.

Liabilities

Ans: obligations of the business to convey something of value
in the future

Accounts payable (liability)

Ans: Things that a business owes.

Notes payable

Ans: formal, written obligations-loans that a business has.

Owner's equity

Ans: refers to owner's interest in the business. It is a residual
amount that equals assets minus liabilities.

Income Statement

All rights reserved © 2025/ 2026 |

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Uploaded on: December 27, 2025
Number of pages: 10
Written in: 2025/2026
Type: Exam (elaborations)
Contains: Questions & answers

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