FINANCIAL AND MANAGERIAL ACCOUNTING
BY JOHN WILD FINAL PAPER 2026 SOLVED
QUESTIONS WITH FULL SOLUTION ALREADY
PASSED
◉ income statement.
Answer: how much did you ,ake
period of time - from nov to jan
◉ statement of cash flow.
Answer: where did the cash come from and where did the cash go
period of time - from nov to jan
◉ lender.
Answer: lends money with intend to get it back plus interest. need
current income, existing obligations, existing assets, payroll stub, tax
return, monthly payments, bank stmts
◉ investor.
Answer: buys into your company. looks at if the business is
profitable, what they are buying, buying obligations, potential future
projections
,◉ what forms will the manager of a business use.
Answer: both financial and managerial
◉ fasb- what does it stand for, who are they and what do they do.
Answer: financial accounting standards board
private group, not govt agency, no legal authority, conducted of
people from a variety of business related backgrounds.
establishes financial accounting and reporting standards for private
sector companies
1 of the two boards that make up GAAP
◉ gasb- what does it stand for, who are they, what do they do.
Answer: governmental accounting standards board
sets accounting and financial reporting standards for state and legal
governments.
authority over financial reporting by government entities
1 of the two boards that make up GAAP
◉ gaap.
Answer: generally accepted accounting principles
,◉ sec.
Answer: Securities and Exchange Commission
regulates us stock exchange. provides investors with full and fair
information about publicly traded companies.
legal punishment
◉ iasb.
Answer: International Accounting Standards Board
develop international accounting standards. made up of members
from many countries
◉ aicpa.
Answer: american institute of certified public accountants
administers the cpa exam.
enforces professional sanction by taking away cpa license when
acted unethically.
◉ role and purpose of accounting.
Answer: accumulate and report on financial information about
performance, financial position, cash flow of a business. used to
reach decisions about how to manage the business, invest in it, or
lend money to it
, ◉ what is a balance sheet.
Answer: statement of what they have and how they financed it at a
specific point in time.
◉ balance sheet equation.
Answer: assets = liabilities + owners equity
◉ what are assets and examples.
Answer: what they own or control that will provide probable future
benefits
cash, accts receivable, inventory, buildings, land.
◉ what are liabilities and examples.
Answer: what we owe. obligations that require future sacrifice.
phone bill, car loan, accts payable, fed and state govt tax, mortgage,
unearned revenue
◉ what is owners equity and examples.
Answer: owners share, stockholders equity, how much owner
originally invested in business + how much profit they have left
capital stock- amt given by shareholders to obtain shares of
stock(capital=$ so money from stocks)
retained earnings- earnings retained in business, ex= net income
BY JOHN WILD FINAL PAPER 2026 SOLVED
QUESTIONS WITH FULL SOLUTION ALREADY
PASSED
◉ income statement.
Answer: how much did you ,ake
period of time - from nov to jan
◉ statement of cash flow.
Answer: where did the cash come from and where did the cash go
period of time - from nov to jan
◉ lender.
Answer: lends money with intend to get it back plus interest. need
current income, existing obligations, existing assets, payroll stub, tax
return, monthly payments, bank stmts
◉ investor.
Answer: buys into your company. looks at if the business is
profitable, what they are buying, buying obligations, potential future
projections
,◉ what forms will the manager of a business use.
Answer: both financial and managerial
◉ fasb- what does it stand for, who are they and what do they do.
Answer: financial accounting standards board
private group, not govt agency, no legal authority, conducted of
people from a variety of business related backgrounds.
establishes financial accounting and reporting standards for private
sector companies
1 of the two boards that make up GAAP
◉ gasb- what does it stand for, who are they, what do they do.
Answer: governmental accounting standards board
sets accounting and financial reporting standards for state and legal
governments.
authority over financial reporting by government entities
1 of the two boards that make up GAAP
◉ gaap.
Answer: generally accepted accounting principles
,◉ sec.
Answer: Securities and Exchange Commission
regulates us stock exchange. provides investors with full and fair
information about publicly traded companies.
legal punishment
◉ iasb.
Answer: International Accounting Standards Board
develop international accounting standards. made up of members
from many countries
◉ aicpa.
Answer: american institute of certified public accountants
administers the cpa exam.
enforces professional sanction by taking away cpa license when
acted unethically.
◉ role and purpose of accounting.
Answer: accumulate and report on financial information about
performance, financial position, cash flow of a business. used to
reach decisions about how to manage the business, invest in it, or
lend money to it
, ◉ what is a balance sheet.
Answer: statement of what they have and how they financed it at a
specific point in time.
◉ balance sheet equation.
Answer: assets = liabilities + owners equity
◉ what are assets and examples.
Answer: what they own or control that will provide probable future
benefits
cash, accts receivable, inventory, buildings, land.
◉ what are liabilities and examples.
Answer: what we owe. obligations that require future sacrifice.
phone bill, car loan, accts payable, fed and state govt tax, mortgage,
unearned revenue
◉ what is owners equity and examples.
Answer: owners share, stockholders equity, how much owner
originally invested in business + how much profit they have left
capital stock- amt given by shareholders to obtain shares of
stock(capital=$ so money from stocks)
retained earnings- earnings retained in business, ex= net income
