WSU ACCTG 230 Exam 1 Questions With 100% Correct Answers 2024

WSU ACCTG 230 Exam 1 Questions With
100% Correct Answers

Whichiofitheifollowingirepresentsiairesourceiofitheicompany?


1.Liability
i


2.Asset.


3.Dividend.
i


4.iExpense.i-iCorrectiAnswer-Asset


Financialiaccountingiinformationiisiessentialito:


Marketingitheicompany'siproductsitoicustomers.
i


Makingigoodibusinessidecisions.


Qualityiofitheiworkienvironmentiforiemployees.
i


Payingitheiappropriateiamountiofitaxes.i-iCorrectiAnswer-
Makingigoodibusinessidecisions.

,Whichifinancialistatementireportsiaicompany'siassetsiandiliabilities?


BalanceiSheet.


IncomeiStatement.
i


StatementiofiStockholders'iEquity.
i


StatementiofiCashiFlows.i-iCorrectiAnswer-BalanceiSheet.


Publiciaccountingifirmsireferito:


Government-controlledicompanies.
i


Firmsithatihaveistocksilistedionianiexchange.
i


Companiesithatisellimerchandiseitoicustomers.
i


Professionaliserviceifirmsithatitraditionallyifocusioniauditingianditaxipre
paration.i-iCorrectiAnswer-
Professionaliserviceifirmsithatitraditionallyifocusioniauditingianditaxipre
paration.


Theifundamentaliqualitativeicharacteristicsiofiaccountingiinformationii
dentifiedibyitheiFASBiare:

, Relevance,ifaithfulirepresentation.


Truthfulness,iclearness.
i


Relevance,itruthfulness.
i


Relevance,icomparability.i-iCorrectiAnswer-
Relevance,ifaithfulirepresentation.


TheitermiGAAPistandsifor:


GenerallyiAcceptediAuditingiPrinciples.
i


GeneraliAccountingiandiAuditiPrinciples.
i


GenerallyiAcceptediAccountingiPrinciples.


GeneraliAccountingiAccountabilityiPrinciples.i-iCorrectiAnswer-
GenerallyiAcceptediAccountingiPrinciples.


Financialiaccountingiisioftenireferreditoiasia:


Internalireportingistructure.