ACCT 526 STUDY ALL GUIDE ANSWERS AND
QUESTIONS SET A+
✔✔policies and procedures that exist to ensure company objectives are achieved with
regard to
effectiveness and efficiency of operations
reliability of financial reporting
compliance with laws and regulations - ✔✔internal control systems
✔✔internal control systems ensure company objectives are achieved with regard to: -
✔✔effectiveness and efficiency of operations
reliability of financial reporting
compliance with laws and regulations
✔✔defined as being a good corporate citizen - ✔✔corporate social responsibility
✔✔corporate social responsibility balances the objective of profitability with the
objective of proper attention to issues such as: - ✔✔environmental sustainability
energy conservation
avoiding actions that would lower the quality of life in the community in which a
company operates and sells its products or services
✔✔what are the four main financial statements? - ✔✔balance sheet
income statement
statement of cash flows
, statement of stockholders' equity
✔✔mirrors the accounting equation - ✔✔balance sheet
✔✔spending with a future benefit - usually > 1 year or OC - ✔✔assets
✔✔spending with an immediate benefit - usually < 1 year or OC - ✔✔expenses
✔✔on a balance sheet, assets are listed in order of _____ - ✔✔liquidity
✔✔the speed at which an asset can be converted to cash - ✔✔liquidity
✔✔to be reported on a balance sheet, an asset must: - ✔✔be owned or controlled by
the company
must confer expected future economic benefits that reult from a past transaction or
event
✔✔________ are assets that can be converted to cash within a year or OC - ✔✔current
assets
✔✔assets that cannot be easily converted to cash within a year or OC - ✔✔long-term
assets (fixed assets)
✔✔assets without physical substance, including patents, trademarks, franchise rights,
and goodwill - ✔✔intangible assets
✔✔assets are reported at ________ cost - ✔✔historical
✔✔historical cost is - ✔✔objective
verifiable
✔✔assets only include items that can be ______ - ✔✔reliably measured
✔✔what are examples of assets that cannot be reflected on a balance sheet? -
✔✔strong management team
well-designed supply chain
superior technology
knowledge-based assets
QUESTIONS SET A+
✔✔policies and procedures that exist to ensure company objectives are achieved with
regard to
effectiveness and efficiency of operations
reliability of financial reporting
compliance with laws and regulations - ✔✔internal control systems
✔✔internal control systems ensure company objectives are achieved with regard to: -
✔✔effectiveness and efficiency of operations
reliability of financial reporting
compliance with laws and regulations
✔✔defined as being a good corporate citizen - ✔✔corporate social responsibility
✔✔corporate social responsibility balances the objective of profitability with the
objective of proper attention to issues such as: - ✔✔environmental sustainability
energy conservation
avoiding actions that would lower the quality of life in the community in which a
company operates and sells its products or services
✔✔what are the four main financial statements? - ✔✔balance sheet
income statement
statement of cash flows
, statement of stockholders' equity
✔✔mirrors the accounting equation - ✔✔balance sheet
✔✔spending with a future benefit - usually > 1 year or OC - ✔✔assets
✔✔spending with an immediate benefit - usually < 1 year or OC - ✔✔expenses
✔✔on a balance sheet, assets are listed in order of _____ - ✔✔liquidity
✔✔the speed at which an asset can be converted to cash - ✔✔liquidity
✔✔to be reported on a balance sheet, an asset must: - ✔✔be owned or controlled by
the company
must confer expected future economic benefits that reult from a past transaction or
event
✔✔________ are assets that can be converted to cash within a year or OC - ✔✔current
assets
✔✔assets that cannot be easily converted to cash within a year or OC - ✔✔long-term
assets (fixed assets)
✔✔assets without physical substance, including patents, trademarks, franchise rights,
and goodwill - ✔✔intangible assets
✔✔assets are reported at ________ cost - ✔✔historical
✔✔historical cost is - ✔✔objective
verifiable
✔✔assets only include items that can be ______ - ✔✔reliably measured
✔✔what are examples of assets that cannot be reflected on a balance sheet? -
✔✔strong management team
well-designed supply chain
superior technology
knowledge-based assets
