Seitz A100 Final Complete Latest Actual
set with Questions and correct/verified
Answers
financial accounting - ANSWER-the records and related reports that are available to people outside the
company
Financing Activity - ANSWER-raise funds for the company to expand/operate
investing activity - ANSWER-investing in assets that it will use in its business operations
operating activities - ANSWER-not funding or investing
equity investors - ANSWER-purchasers of stock, can either get dividends or sell
creditors - ANSWER-loan company money. company raises funds thru debt. legal right to receive money
back - principal (make a loan contract w/ collateral, terms, and maturity date
investing activities - ANSWER-land, buildings, equipment to help company operate - fixed assets. assets
are supposed to last a long time and used in operations and not sold.
operating activities - ANSWER-salaries + wages, rent, utilities, insurance, purchasers of goods to be
resold.
1. Balance Sheet
2. Income statement
3. Statement of stockholder's equity
4. Statement of cash flows - ANSWER-4 standard financial statements
1. Debitte
2.E&Y
3.KPMG
4. PwC - ANSWER-Big 4 auditing companies
corporate governance
- important to have a good reputation, legal liabilities help with this, as well as ethics - ANSWER-the
mechanisms in place within a company which inspire managers to report the truth in their financial
statements
GAAP - ANSWER-The standards and rules that accountants follow while recording and reporting financial
activities.
IFRS (International Financial Reporting Standards) - ANSWER-A standardized set of rules and practices in
business accounting used in many countries as an alternative to US GAAP. principal based - gives less
guidance
reporting entities - ANSWER-organizations that prepare financial statements. A profit seeking business is
typical.
1. Service
2. Retail
3. Manufacturing - ANSWER-Types of profit seeking businesses
Capital markets - ANSWER-networks that exist for making money. Public markets = exchanges
Liabilities + Equity = Assets - ANSWER-balance sheet equation
Balance Sheet - ANSWER-A financial statement that reports assets, liabilities, and owner's equity on a
specific date.
outright - ANSWER-no debt is associated with these assets
double-entry bookkeeping - ANSWER-the practice of writing every business transaction in two places
current assets - ANSWER-cash and other assets expected to be exchanged for cash or consumed within a
year
set with Questions and correct/verified
Answers
financial accounting - ANSWER-the records and related reports that are available to people outside the
company
Financing Activity - ANSWER-raise funds for the company to expand/operate
investing activity - ANSWER-investing in assets that it will use in its business operations
operating activities - ANSWER-not funding or investing
equity investors - ANSWER-purchasers of stock, can either get dividends or sell
creditors - ANSWER-loan company money. company raises funds thru debt. legal right to receive money
back - principal (make a loan contract w/ collateral, terms, and maturity date
investing activities - ANSWER-land, buildings, equipment to help company operate - fixed assets. assets
are supposed to last a long time and used in operations and not sold.
operating activities - ANSWER-salaries + wages, rent, utilities, insurance, purchasers of goods to be
resold.
1. Balance Sheet
2. Income statement
3. Statement of stockholder's equity
4. Statement of cash flows - ANSWER-4 standard financial statements
1. Debitte
2.E&Y
3.KPMG
4. PwC - ANSWER-Big 4 auditing companies
corporate governance
- important to have a good reputation, legal liabilities help with this, as well as ethics - ANSWER-the
mechanisms in place within a company which inspire managers to report the truth in their financial
statements
GAAP - ANSWER-The standards and rules that accountants follow while recording and reporting financial
activities.
IFRS (International Financial Reporting Standards) - ANSWER-A standardized set of rules and practices in
business accounting used in many countries as an alternative to US GAAP. principal based - gives less
guidance
reporting entities - ANSWER-organizations that prepare financial statements. A profit seeking business is
typical.
1. Service
2. Retail
3. Manufacturing - ANSWER-Types of profit seeking businesses
Capital markets - ANSWER-networks that exist for making money. Public markets = exchanges
Liabilities + Equity = Assets - ANSWER-balance sheet equation
Balance Sheet - ANSWER-A financial statement that reports assets, liabilities, and owner's equity on a
specific date.
outright - ANSWER-no debt is associated with these assets
double-entry bookkeeping - ANSWER-the practice of writing every business transaction in two places
current assets - ANSWER-cash and other assets expected to be exchanged for cash or consumed within a
year
