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ACCTG 230 WSU Final Exam Questions with 100% Correct Answers | Verified | Latest Update

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Exam (elaborations)

ACCTG 230 WSU Final Exam Questions with 100% Correct Answers | Verified | Latest Update

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17 pages

2024/2025

Institution ACCTG 230 WSU

Course ACCTG 230 WSU

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ACCTG 230 WSU Final Exam Questions with 100% Correct Answers | Verified | Latest Update

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ACCTG 230 WSU Final Exam Questions
with 100% Correct Answers | Verified |
Latest Update

whatiisiaccountingi-iCorrectiAnswer-
aisystemiofimaintainingirecordsiofiaicompany'sioperationsiandicommun
icatingithatiinfoitoidecisionimakers.iitiisiimportantitoimakeiinformedidec
isionsiaboutiaicompany

Financialiaccountingi-iCorrectiAnswer-
measureibusinessiactivitiesiofiaicompanyiandithenicommunicateithosei
measurementsitoiexternalipartiesiforidecisionimakingipurposes

GenerallyiAcceptediAccountingiPrinciplesi(GAAP)i-iCorrectiAnswer-
theirulesiofifinancialiaccounting.iitiisiimportantithatiallicompaniesiuseith
eisameirulesiforifinancialistatementiusersiandiitihelpsiinvestorsiaccurate
lyicompareifinancialiinformationiamongicompaniesiwhenimakingidecisi
oniaboutiwhereitoiinvestiorilend.

operatingiactivitiesi-iCorrectiAnswer-
includesicashireceiptsiandicashipaymentiforitransactionsirelatingitoireve
nueiandiexpenseiactivitiesi(incomeistatement)
-changesiinicurrentiassetsiandicurrentiliabilities

,financingiactivitiesi-iCorrectiAnswer-
includeicashitransactionsiresultingifromiexternalifinancialiofiaibusiness
-changesiinilongitermiliabilities,icommonistockioriretainediearnings

investingiactivitiesi-iCorrectiAnswer-
includesicashitransactionsiinvolvingitheipurchaseiorisaleiofiailongitermia
ssetsiandicurrentiinvestmentsi
-changesiinilongitermiassets

formsiofibusinessesi-iCorrectiAnswer--
soleiproprietorship:iownedibyioneiperson
-partnership:iownedibyitwoiorimoreipeople
-
corporation:ientityithatiisiseparateifromiitsiownersiandihasilimitediliabil
ity

incomeistatementi-iCorrectiAnswer-
reportsiaicompany'sirevenueiandiexpensesioverianiintervaliofitime

statementiofistockholdersiequityi-iCorrectiAnswer-
summarizesichangesiiniSEioverianiintervaliofitime

balanceisheeti-iCorrectiAnswer-
presentsitheifinancialipositioniofitheicompanyioniaiparticularidate

, statementioficashiflowsi-iCorrectiAnswer-
measuresiactivitiesiinvolvingicashireceiptsiandipaymentsioverianiinterv
aliofitime

timeiperiodsibyieachifinancialistatementi-iCorrectiAnswer--
IncomeiStatement,iStatementiofiSE,ianditheiStatementiofiCashiFlowsialli
representichangesioveriaiperiodiofitime.iThisiperiodiisiusuallyiaiyear,ibuti
otheriperiodsisuchiasiaimonthicanialsoibeiused.
-
BalanceiSheetishowsitheicurrentibalancesiofitheipermanentiaccountsiati
aipointiinitime.iTheseibalancesicanibeiatianyipoint,ibutiitiisiusuallyitheifin
alibalancesiatitheiendiofiyear.

financialistatementsiareiconnectedi-iCorrectiAnswer-
theieventsithatiareirecordediinioneifinancialistatementiofteniaffectiamo
untsireportediinianother
incomeistatementi->istatementiofiSEi->ibalanceisheeti->icashiflow

whoisetsistandardisettingsi-iCorrectiAnswer--
financialiaccountingistandardsiboardi(FASB):iindependent,iprivateibodyi
thatiisiprimarilyiresponsibleiforiGAAP
-
internationaliaccountingistandardsiboardi(IASB):iinternationalibodyires
ponsibleiforitheiconvergenceiofiaccountingistandardsiworldwide

expandediaccountingi-iCorrectiAnswer-assets=iliabilities+SE

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Number of pages: 17
Written in: 2024/2025
Type: Exam (elaborations)
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