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Exam (elaborations)

WSU Accounting 230 Exam Questions With 100% Correct Answers 2024

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Institution WSU Accounting 230
Course WSU Accounting 230
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WSU Accounting 230 Exam Questions With 100% Correct Answers

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WSU Accounting 230 Exam Questions
With 100% Correct Answers

Twoiprimaryifunctionsiofifinancialiaccountingi-iCorrectiAnswer-
1)iMeasureibusinessitransactions
2)iCommunicateithoseimeasurementsitoipeopleitoimakeidecisions


Threeiobjectivesiofifinancialiaccountingi-iCorrectiAnswer-
1)iMeasureitheirelevantitransactionsiofiaicompany
2)iCommunicateitheseibusinessiactivitiesitoioutsideitoicompany
3)


GAAPi-iCorrectiAnswer-
TheirulesiofifinancialiaccountingiinitheiUSisetibyiFASB


Threeitypesiofibusinessiactivitesi-iCorrectiAnswer-
1)iOperating:irelateitoiearningirevenuesiandiincurringiexpenses
2)iInvesting:igenerallyiincludeitheipurchaseioridisposaliofiproductiveiass
etsiandiinvestments
3)iFinancing:iincludeitransactionsiwithilendersiandiowners


Threeiformsiofibusinessi-iCorrectiAnswer-
1)iSoleiproprietorship:iownedibyisingleipersoni(personallyiresponsibleia
ndiloweritaxes)

,2)iPartnership:iownedibyitwoiorimoreipeoplei(personallyiresponsibleian
diloweritaxes)
3)iCorporation:ilegallyiseparateifromiitsiownersi(limitediliability/notiper
sonallyiresponsible)


Fouriprimaryifinancialistatementsi-iCorrectiAnswer-
1)iIncomeiStatement
2)iStatementiofiStockholder'siEquity
3)iBalanceiSheet
4)iStatementiofiCashiFlows


Incomeistatementi-iCorrectiAnswer-Revenuesi-iExpensesi=iNetiIncome


StatementiofiStockholder'siEquityi-iCorrectiAnswer-
CommoniStock:ibeginningi+iissuancesi+iRetainediEarnings:ibeginningi+in
etiincomei-i
dividendsi=iS.iE.


BalanceiSheeti-iCorrectiAnswer-Assetsi=iLiabilitiesi+iStockholdersiEquity


StatementiofiCashflowi-iCorrectiAnswer-
Operatingi+iInvestingi+iFinancingi=iTotaliCashiFlows

, Timeiperiodsirepresentibyieachifinancialistatementi-iCorrectiAnswer-
Incomeistatement:icurrentiperiod
StatementiofiS.E.:iforieachiperiod
BalanceiSheet:iparticularidate
StatementiofiCashiFlows:iforitheiperiod


Howiareitheifinancialistatementsiconnected??i-iCorrectiAnswer-
IncomeistatementihasinetiincomeiwhichiisiapartiofiR.E.iinitheistatementi
ofiS.E.iTheiS.E.iisiusediinitheibalanceisheetianditheicashifromiassetsiinithe
ibalanceisheetiareitheiresultsiofitheistatementioficashiflows




Mainitwoiorganizationsiinvolvediwithistandardisettingsi-
iCorrectiAnswer-FASBiandiIASB




Accountingiequationi-iCorrectiAnswer-
Assetsi=iLiabilitiesi+iStockholder'siEquity


Theieffectiofitransactionsionitheiexpandediaccountingiequationi-
iCorrectiAnswer-

Revenueiincreasesiretainediearningsiwhileiexpensesiandidividendsidecr
easesiretainediearnings.iR.E.iisiaicomponentiofiS.E.


Sixistepsiofianalyzingitransactionsi-iCorrectiAnswer-
1)iUseisourceidocumentsitoiidentifyiaccountsiaffectedibyianiexternalitra
nsaction

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