Exam (elaborations)

Accounting 210 Exam 1(A+ Graded)

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Course
ACCT 210

Institution
ACCT 210

Accounting correct answers the information system that measures business activities, processes the information into reports, and communicates the results to decision makers Financial Accounting correct answers the field of accounting that focuses on providing information to external decision mak...

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Uploaded on March 5, 2025
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Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

accounting

Institution ACCT 210
Course ACCT 210

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Accounting 210 Exam 1(A+ Graded)
Accounting correct answers the information system that measures business activities, processes
the information into reports, and communicates the results to decision makers

Financial Accounting correct answers the field of accounting that focuses on providing
information to external decision makers

Managerial Accounting correct answers the field of accounting that focuses on providing
information for internal decision makers

Creditor correct answers any person or business to whom a business owes money

Certified Public Accountant (CPA) correct answers licensed professional accountants who serve
the general public

Certified Management Accountant (CMA) correct answers certified professionals who specialize
in accounting and financial management knowledge; typically work for a single company

Financial Accounting Standards Board (FASB) correct answers the private organization that
oversees the creation and governance of accounting standards in the U.S.

Securities and Exchange Commission (SEC) correct answers U.S. governmental agency that
oversees the U.S. financial markets

Generally Accepted Accounting Principles (GAAP) correct answers accounting principles,
currently formulated by the FASB; the main U.S. accounting rule book

Sole Proprietorship correct answers a business with a single owner: owner has unlimited liability

Partnership correct answers a business with two or more owners and not organized as a
corporation

Corporation correct answers a business organized under state law that is a separate legal entity

Limited-Liability Company (LLC) correct answers a company in which each member is only
liable for his or her own actions

Stockholder correct answers a person who owns stock in a corporation

Entity Assumption correct answers an organization that stands apart as a separate economic unit

Going Concern Assumption correct answers assumes that the entity will remain in operation for
the foreseeable future

Historical Cost Principle correct answers assets are recorded at their actual cost

, Stable Monetary Unit Assumption correct answers the effect of inflation is ignored; based on the
assumption that the dollar's purchasing power is relatively stable

International Financial Reporting Standards (IFRS) correct answers a set of global accounting
guidelines, formulated by the IASB

International Accounting Standards Board (IASB) correct answers the private organization that
oversees the creation and governance of IFRS

Audit correct answers an examination of a company's financial statements and records

Accounting Equation correct answers the basic tool of accounting, measuring the resources of
the business and the claims to those resources (Assets = Liabilities + Equity)

Assets correct answers economic resources that are expected to benefit the business in the future;
something the business owns or has control of

Liabilities correct answers debts that are owned to creditors

Equity correct answers the owners' claims to the assets of the business

Contributed Capital correct answers owner contributions to a corporation

Revenues correct answers amounts earned from delivering goods or services to customers

Expenses correct answers the cost of selling goods or services

Dividend correct answers a distribution of a corporation's earnings to stockholders

Common Stock correct answers represents the basic ownership of a corporation

Retained Earnings correct answers equity earned by profitable operations of a corporation that is
not distributed to stockholders

Net Income correct answers the result of operations that occurs when total revenues are greater
than total expenses

Net Loss correct answers the result of operations that occurs when total expenses are greater than
total revenues

Transaction correct answers an event that affects the financial position of the business and can be
measured with faithful representation

Accounts Payable correct answers a short-tern liability that will be paid in the future

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