ACCY 201 Final Exam - Barton ACTUAL EXAM QUESTIONS WITH
ACCY 201 Final Exam - Barton
COMPLETE SOLUTION GUIDE (A+ GRADED 100% VERIFIED) LATEST
Study online at https://quizlet.com/_fbbrah
VERSION 2025!!
information and measurement system
that identifies, records, and communi-
accounting
cates relevant information about a com-
pany's business activities
area of accounting aimed mainly at serv-
financial accounting
ing external users
area of accounting aimed mainly at serv-
ing the decision making needs of internal
managerial accounting
users; also called management account-
ing
shows three factors that push a person
fraud triangle
to commit fraud
opportunity, pressure or incentive, ratio-
three factors in the fraud triangle
nalization or attitude
a person must be able to commit fraud
fraud triangle: opportunity
with a low risk of getting caught
a person must feel pressure or have in-
fraud triangle: pressure
centive to commit fraud
a person justifies fraud or does not see
fraud triangle: rationalization
its criminal nature
Generally Accepted Accounting Princi- rules that specify acceptable accounting
ples (GAAP) practices
measurement principle, revenue recog-
4 general accounting principles nition principle, expense recognition
principle, full disclosure principle
principle that prescribes financial state-
ment information, and its underlying
measurement principle (cost principle)
transactions and events, be based on
relevant measures of valuation
the principle prescribing that revenue is
revenue recognition principle recognized when goods or services are
delivered to customers
expense recognition principle (matching
principle)
, ACCY 201 Final Exam - Barton
Study online at https://quizlet.com/_fbbrah
prescribes expenses to be reported in
the same period as the revenues that
were earned as a result of the expenses
principle that prescribes financial state-
ments (including notes) to report all rele-
full disclosure principle
vant information about an entity's opera-
tions and financial condition
going-concern assumption, monetary
4 accounting assumptions unit assumption, time period assump-
tion, business entity assumption
principle that prescribes financial state-
ments to reflect the assumption that
going-concern assumption the business will continue operating; this
means for example that property is re-
ported at cost instead of liquidation value
principle that assumes transactions and
events can be expressed in money units;
monetary unit assumption
examples of monetary units are the U.S.
dollar and the Mexican peso
assumption that an organization's activi-
ties can be divided into specific time pe-
time period assumption riods such as months, quarters, or years;
useful reports can be prepared for those
periods
principle that requires a business to be
business entity assumption accounted for separately from its own-
er(s) and from any other entity
resources a business owns or controls
that are expected to provide current and
future benefits to the business; ex: web
asset
servers for an online services company,
musical instruments for a rock band, and
land for a vegetable grower
creditors' claims on an organizations as-
sets; involves a probable future pay-
ment of assets, products, or services that
ACCY 201 Final Exam - Barton
COMPLETE SOLUTION GUIDE (A+ GRADED 100% VERIFIED) LATEST
Study online at https://quizlet.com/_fbbrah
VERSION 2025!!
information and measurement system
that identifies, records, and communi-
accounting
cates relevant information about a com-
pany's business activities
area of accounting aimed mainly at serv-
financial accounting
ing external users
area of accounting aimed mainly at serv-
ing the decision making needs of internal
managerial accounting
users; also called management account-
ing
shows three factors that push a person
fraud triangle
to commit fraud
opportunity, pressure or incentive, ratio-
three factors in the fraud triangle
nalization or attitude
a person must be able to commit fraud
fraud triangle: opportunity
with a low risk of getting caught
a person must feel pressure or have in-
fraud triangle: pressure
centive to commit fraud
a person justifies fraud or does not see
fraud triangle: rationalization
its criminal nature
Generally Accepted Accounting Princi- rules that specify acceptable accounting
ples (GAAP) practices
measurement principle, revenue recog-
4 general accounting principles nition principle, expense recognition
principle, full disclosure principle
principle that prescribes financial state-
ment information, and its underlying
measurement principle (cost principle)
transactions and events, be based on
relevant measures of valuation
the principle prescribing that revenue is
revenue recognition principle recognized when goods or services are
delivered to customers
expense recognition principle (matching
principle)
, ACCY 201 Final Exam - Barton
Study online at https://quizlet.com/_fbbrah
prescribes expenses to be reported in
the same period as the revenues that
were earned as a result of the expenses
principle that prescribes financial state-
ments (including notes) to report all rele-
full disclosure principle
vant information about an entity's opera-
tions and financial condition
going-concern assumption, monetary
4 accounting assumptions unit assumption, time period assump-
tion, business entity assumption
principle that prescribes financial state-
ments to reflect the assumption that
going-concern assumption the business will continue operating; this
means for example that property is re-
ported at cost instead of liquidation value
principle that assumes transactions and
events can be expressed in money units;
monetary unit assumption
examples of monetary units are the U.S.
dollar and the Mexican peso
assumption that an organization's activi-
ties can be divided into specific time pe-
time period assumption riods such as months, quarters, or years;
useful reports can be prepared for those
periods
principle that requires a business to be
business entity assumption accounted for separately from its own-
er(s) and from any other entity
resources a business owns or controls
that are expected to provide current and
future benefits to the business; ex: web
asset
servers for an online services company,
musical instruments for a rock band, and
land for a vegetable grower
creditors' claims on an organizations as-
sets; involves a probable future pay-
ment of assets, products, or services that
