JMU COB 241 FINAL EXAM questions correctly
answered to pass
1. Financial
accounting information and analyses prepared for people outside the
Ac- organization
counting
2. Income • Reports results of operations for a period of time
State- ment
• Income statement accounts are called temporary or nominal accounts
- they close to retained earnings at year end.
Revenues - Expenses = Net Income (Loss)
3. Statement of reports the amounts and sources of changes in equity investors'
Changes in investment in the firm over a period of time.
Equi- ty
Beginning Common Stock
Plus: Common Stock
Issued Equals: Ending
Common Stock Beginning
Retained Earnings Plus:
Net Income
Minus: Dividends
Equals: Ending Retained Earnings
Equals: Total Stockholders' Equity
4. Balance Sheet •Reports financial position for a single point in time
• Balance sheet accounts are called permanent accounts
- they carry forward to the following year
,JMU COB 241 FINAL EXAM questions correctly
answered to pass
5. Accounting Equa- Assets = Liabilities + Owner's Equity
tion
6. Statement A financial statement that provides financial information about the cash
of Cash receipts and cash payments of a business for a specific period of
Flows time.
Cash Flows from Operating Activities - Cash receipts from revenue (incl.
interest) and payments for expenses (incl. interest).
Cash Flows from Investing Activities - Cash receipts and payments for the
purchase and sale of long-term assets.
Cash Flows from Financing Activities - Cash receipts from issuing
common stock and borrowing, and cash payments for dividends and
repayment of borrowed funds.
7. Annual Report Management Discussion and Analysis
Financial Statements
Footnotes to the Financial
Statements Auditors' Report
8. Audit Opinions -Unqualified
• Most favorable type of opinion
• Financial statements are in compliance with GAAP
, JMU COB 241 FINAL EXAM questions correctly
answered to pass
• Most common
-Qualified
answered to pass
1. Financial
accounting information and analyses prepared for people outside the
Ac- organization
counting
2. Income • Reports results of operations for a period of time
State- ment
• Income statement accounts are called temporary or nominal accounts
- they close to retained earnings at year end.
Revenues - Expenses = Net Income (Loss)
3. Statement of reports the amounts and sources of changes in equity investors'
Changes in investment in the firm over a period of time.
Equi- ty
Beginning Common Stock
Plus: Common Stock
Issued Equals: Ending
Common Stock Beginning
Retained Earnings Plus:
Net Income
Minus: Dividends
Equals: Ending Retained Earnings
Equals: Total Stockholders' Equity
4. Balance Sheet •Reports financial position for a single point in time
• Balance sheet accounts are called permanent accounts
- they carry forward to the following year
,JMU COB 241 FINAL EXAM questions correctly
answered to pass
5. Accounting Equa- Assets = Liabilities + Owner's Equity
tion
6. Statement A financial statement that provides financial information about the cash
of Cash receipts and cash payments of a business for a specific period of
Flows time.
Cash Flows from Operating Activities - Cash receipts from revenue (incl.
interest) and payments for expenses (incl. interest).
Cash Flows from Investing Activities - Cash receipts and payments for the
purchase and sale of long-term assets.
Cash Flows from Financing Activities - Cash receipts from issuing
common stock and borrowing, and cash payments for dividends and
repayment of borrowed funds.
7. Annual Report Management Discussion and Analysis
Financial Statements
Footnotes to the Financial
Statements Auditors' Report
8. Audit Opinions -Unqualified
• Most favorable type of opinion
• Financial statements are in compliance with GAAP
, JMU COB 241 FINAL EXAM questions correctly
answered to pass
• Most common
-Qualified
