ACCT 200 Exam 1: University of Arizona | Questions And Answers Graded A+

Three Types of Businesses - sole proprietorship, partnership, corporation Sole Proprietorship - business owned by one person Partnership - business owned by two or more people associated as partners Corporation - separate legal entity for which evidence of ownership is provided by shares of stock Types of Financial Statements - income statement, statement of retained earnings, balance sheet, statement of cash flows Beg RE + Net Income - Dividends = End RE - Equation for Ending Retained Earnings 4000 - If A = 6,000, SE = 2,000, L = ? 3000 - If L ↑ 4,000, SE ↓ 1,000, then A? Financial Accounting Standards Board (US standard-setting body) - What does FASB stand for? Generally Accepted Accounting Principles (US rules for financial reporting) - What does GAAP stand for? International Accounting Standards Board (International standard-setting body) - What does IASB stand for? International Financial Reporting Standards (International rules for financial reporting) - What does IFRS stand for?Relevance and Faithful Representation - Two objectives of financial reporting