ACCTG 241 FINAL EXAM KSU QUESTIONS AND
ANSWERS 2024/2025 A COMPLETE SOLUTION WITH
CORRECT DETAILED ANSWERS BEST RATED TO SCORE
A+ FOR SUCCESS
Ethics - CORRECT ANSWERS the principles of right and wrong that
guide an individual in making decisions
Historical Cost Principle - CORRECT ANSWERS An accounting principle
that states that companies should record assets at their cost.
Economic Entity Assumption - CORRECT ANSWERS An assumption that
every economic entity can be separately identified from the activities of
its owner and other entities.
Basic Accounting Equation - CORRECT ANSWERS Assets = Liabilities +
Stockholders' Equity
Income Statement - CORRECT ANSWERS presents the revenues and
expenses and resulting net income or net loss for a specific period of
time.
Statement of Cash Flows - CORRECT ANSWERS reports the cash effects
of a company's operating, investing, and financing activities.
, ACCTG 241 FINAL EXAM KSU QUESTIONS AND
ANSWERS 2024/2025 A COMPLETE SOLUTION WITH
CORRECT DETAILED ANSWERS BEST RATED TO SCORE
A+ FOR SUCCESS
IFRS vs GAAP - CORRECT ANSWERS IFRS tends to be simpler, more
"principles based". GAAP is more detailed, "rules based"
Sales or Revenue: - CORRECT ANSWERS Increase with a credit
Dividend - CORRECT ANSWERS is not an expense, a return of capital
Why classify balance sheet - CORRECT ANSWERS Helps us predict the
future
sales discount - CORRECT ANSWERS a reduction given by a seller for
prompt payment of a credit sale
Sales Returns and Allowances - CORRECT ANSWERS will account for
customer returns and allowances that a business made for product
quantity issues.
Income from operations - CORRECT ANSWERS gross profit -
selling/administrative expenses
ANSWERS 2024/2025 A COMPLETE SOLUTION WITH
CORRECT DETAILED ANSWERS BEST RATED TO SCORE
A+ FOR SUCCESS
Ethics - CORRECT ANSWERS the principles of right and wrong that
guide an individual in making decisions
Historical Cost Principle - CORRECT ANSWERS An accounting principle
that states that companies should record assets at their cost.
Economic Entity Assumption - CORRECT ANSWERS An assumption that
every economic entity can be separately identified from the activities of
its owner and other entities.
Basic Accounting Equation - CORRECT ANSWERS Assets = Liabilities +
Stockholders' Equity
Income Statement - CORRECT ANSWERS presents the revenues and
expenses and resulting net income or net loss for a specific period of
time.
Statement of Cash Flows - CORRECT ANSWERS reports the cash effects
of a company's operating, investing, and financing activities.
, ACCTG 241 FINAL EXAM KSU QUESTIONS AND
ANSWERS 2024/2025 A COMPLETE SOLUTION WITH
CORRECT DETAILED ANSWERS BEST RATED TO SCORE
A+ FOR SUCCESS
IFRS vs GAAP - CORRECT ANSWERS IFRS tends to be simpler, more
"principles based". GAAP is more detailed, "rules based"
Sales or Revenue: - CORRECT ANSWERS Increase with a credit
Dividend - CORRECT ANSWERS is not an expense, a return of capital
Why classify balance sheet - CORRECT ANSWERS Helps us predict the
future
sales discount - CORRECT ANSWERS a reduction given by a seller for
prompt payment of a credit sale
Sales Returns and Allowances - CORRECT ANSWERS will account for
customer returns and allowances that a business made for product
quantity issues.
Income from operations - CORRECT ANSWERS gross profit -
selling/administrative expenses
