ACG2001 FINAL EXAM WITH ALL CORRECT & 100% VERIFIED ANSWERS |
LATEST VERSION |ALREADY GRADED A+
1. What is profit The ditterences between the amounts received for goods/services and the
amount paid for the input used to provide the goods/services.
2. Describe An information system that provides reports to the stakeholders about the
Ac- eco- nomic actives and conditions of a business
counting
A historical cost is a measure of value used in accounting in which the price
3. What of an
comprises
the historical cost asset on the balance sheet is based on its nominal or original cost
when acquired
of an asset by the company.The historical-cost method is used for assets in the
United States under generally accepted accounting principles (GAAP).
4. GAAP- What Generally accepted accounting principles guidelines for the the
does it stand preparations of financial statements. these reports allow investors and
for and what other users to compare company's.
does it cov- er?
5. Business An accounting concept that limits the economic data in the accounting
entity system to data related directly to the activities of the business.
concept
FINANCIAL ACCOUNTING STANDARD BOARD
6. FASB- What is has the primary responsibility for developing accounting principals.
its scope The FASB publishes statements of financial accounting standards as well
authority? as interpretations of these standards.
On balance sheet debts are liabilities-
7. DEBTS- What
are they
referred to
as on the balance the right of creditors that represent debts of the business
sheet?
, ACG2001 FINAL EXAM WITH ALL CORRECT & 100% VERIFIED ANSWERS |
LATEST VERSION |ALREADY GRADED A+
8. Accounting equa- ASSETS=LIABILITIES+ OWNERS EQUITY
tion:
9.
, ACG2001 FINAL EXAM WITH ALL CORRECT & 100% VERIFIED ANSWERS |
LATEST VERSION |ALREADY GRADED A+
Rules of debits,
(Debit) indicates the left side of a ledger account and "Cr" (Credit) indicates
credits and the right. The rule that total debits equal total credits applies when all
nor- mal accounts are totaled. An increase (+) to an asset account is a debit.
balance
economic event or condition that directly changes an entity financial
10. What is condition or directly attects its results of operation
a business/eco-
nomic transac-
tion?
credit score
11. What is not a
business
transac- tion?
see pictures
12. Effects of
various
business
transac- tions
on The income statement shows the business's income, expenses, gains, and
account-
ing equation losses. The end product of these transactions is net income or loss.
Some also call the income statement a statement of profit and loss, or
13. Elements of P&L.
the income Revenue: Gross receipts earned by the company selling its goods or services
state- ment Expenses: The costs to the company to earn the gross receipts
Gains: Income from non-business-related transactions, such as selling a
company asset
Losses: The flip side of gains
14. Strauss Printing Services
LATEST VERSION |ALREADY GRADED A+
1. What is profit The ditterences between the amounts received for goods/services and the
amount paid for the input used to provide the goods/services.
2. Describe An information system that provides reports to the stakeholders about the
Ac- eco- nomic actives and conditions of a business
counting
A historical cost is a measure of value used in accounting in which the price
3. What of an
comprises
the historical cost asset on the balance sheet is based on its nominal or original cost
when acquired
of an asset by the company.The historical-cost method is used for assets in the
United States under generally accepted accounting principles (GAAP).
4. GAAP- What Generally accepted accounting principles guidelines for the the
does it stand preparations of financial statements. these reports allow investors and
for and what other users to compare company's.
does it cov- er?
5. Business An accounting concept that limits the economic data in the accounting
entity system to data related directly to the activities of the business.
concept
FINANCIAL ACCOUNTING STANDARD BOARD
6. FASB- What is has the primary responsibility for developing accounting principals.
its scope The FASB publishes statements of financial accounting standards as well
authority? as interpretations of these standards.
On balance sheet debts are liabilities-
7. DEBTS- What
are they
referred to
as on the balance the right of creditors that represent debts of the business
sheet?
, ACG2001 FINAL EXAM WITH ALL CORRECT & 100% VERIFIED ANSWERS |
LATEST VERSION |ALREADY GRADED A+
8. Accounting equa- ASSETS=LIABILITIES+ OWNERS EQUITY
tion:
9.
, ACG2001 FINAL EXAM WITH ALL CORRECT & 100% VERIFIED ANSWERS |
LATEST VERSION |ALREADY GRADED A+
Rules of debits,
(Debit) indicates the left side of a ledger account and "Cr" (Credit) indicates
credits and the right. The rule that total debits equal total credits applies when all
nor- mal accounts are totaled. An increase (+) to an asset account is a debit.
balance
economic event or condition that directly changes an entity financial
10. What is condition or directly attects its results of operation
a business/eco-
nomic transac-
tion?
credit score
11. What is not a
business
transac- tion?
see pictures
12. Effects of
various
business
transac- tions
on The income statement shows the business's income, expenses, gains, and
account-
ing equation losses. The end product of these transactions is net income or loss.
Some also call the income statement a statement of profit and loss, or
13. Elements of P&L.
the income Revenue: Gross receipts earned by the company selling its goods or services
state- ment Expenses: The costs to the company to earn the gross receipts
Gains: Income from non-business-related transactions, such as selling a
company asset
Losses: The flip side of gains
14. Strauss Printing Services
