ACCOUNTING 200 MIDTERM 1 (BYU) UPDATED
ACTUAL QUESTIONS AND CORRECT ANSWERS
Question:
1. SEC
Answer:
Securities and exchange commisison- regulates the capital transactions of public
companies
Question:
2. GAAP
Answer:
The Standards of accounting that make the information comparable and Credible
Question:
3. AICPA
Answer:
Initially set up by the SEC to monitor the GAAP. Now in charge of setting up the
auditing process
Question:
4. FASB
Answer:
Private board that now establishes the GAAP
Question:
5. Debt and Equity
Answer:
2 forms of financing
Question:
6. Debt financing
Answer:
Borrowed resources that must be repaid at specific future dates (financing)
Question:
7. Equity Financing
Answer:
Contributions by investors, need not be repaid (financing)
, Question:
8. Financial Accounting
Answer:
Provides information to creditors and to gov't through financial statements.
Question:
9. Management accounting
Answer:
Provides information to management to help them make decisions (interior)
Question:
10. Proprietorship, Partnership, Corporation
Answer:
3 types of business ownership
Question:
11. Salaries and bonuses to owners, Subchapter S. Election,
Limited Liability corp.
Answer:
Ways to evade double taxation
Question:
12. Subchapter S. Election
Answer:
For smaller corporations, allows them to be taxed as a proprietorship/partnership
Question:
13. LLC (Limited Liability Corp)
Answer:
Liability protections as if it were a corporation but a partnership for taxation
Question:
14. Shareholders, Board of Directors, Managers, Employees
Answer:
Organization of a Corporation
Question:
15. Balance sheet
Answer:
The distribution of captital and where it was obtained
ACTUAL QUESTIONS AND CORRECT ANSWERS
Question:
1. SEC
Answer:
Securities and exchange commisison- regulates the capital transactions of public
companies
Question:
2. GAAP
Answer:
The Standards of accounting that make the information comparable and Credible
Question:
3. AICPA
Answer:
Initially set up by the SEC to monitor the GAAP. Now in charge of setting up the
auditing process
Question:
4. FASB
Answer:
Private board that now establishes the GAAP
Question:
5. Debt and Equity
Answer:
2 forms of financing
Question:
6. Debt financing
Answer:
Borrowed resources that must be repaid at specific future dates (financing)
Question:
7. Equity Financing
Answer:
Contributions by investors, need not be repaid (financing)
, Question:
8. Financial Accounting
Answer:
Provides information to creditors and to gov't through financial statements.
Question:
9. Management accounting
Answer:
Provides information to management to help them make decisions (interior)
Question:
10. Proprietorship, Partnership, Corporation
Answer:
3 types of business ownership
Question:
11. Salaries and bonuses to owners, Subchapter S. Election,
Limited Liability corp.
Answer:
Ways to evade double taxation
Question:
12. Subchapter S. Election
Answer:
For smaller corporations, allows them to be taxed as a proprietorship/partnership
Question:
13. LLC (Limited Liability Corp)
Answer:
Liability protections as if it were a corporation but a partnership for taxation
Question:
14. Shareholders, Board of Directors, Managers, Employees
Answer:
Organization of a Corporation
Question:
15. Balance sheet
Answer:
The distribution of captital and where it was obtained