INTERMEDIATE FINANCIAL
ACCOUNTING I FINAL EXAM
PRACTICE ONE SOLUTIONS 100%
VERIFIED ANSWERS GRADED
A+/NEWEST UPDATE
Save
Terms in this set (85)
, The annual report of a publicly
traded entity must include a letter
from thefirm's management that
states its responsibilities for the
operations of the entity and the
What
information contained in the
information is
financialstatements, including:
included in the
designing and implementing internal
annual report
controls relevant to the preparation
letter written by
and fair presentation of financial
managers of
statements that are free from
publicly traded
materialmisstatement, whether due
companies?
to fraud orerror; selecting and
applying appropriate accounting
policies; and making accounting
estimates that are reasonable in the
circumstances.
The audit report attests to the
fairness of the financialstatements,
What do
not the annual report. Theauditor,
auditors attest to
though, verifies that the financial
in a auditors
information in the annual report is
report?
not inconsistent with the financial
statements.
, The notes(or footnotes) to the
financial statements provide
descriptive information regarding a
company's accountingpolicies,
supplemental disclosures of items
not reported on the financial
Why are the
statements, and additional detail for
notes to the
transactions reported on the four
financial
main financial statements. For
statements an
example, a company will disclose its
integral part of
depreciation policy forlong-lived
the financial
assets in its financial statement
statements?
footnotes. A company could also
provide additional disclosures on
the historical cost and accumulated
depreciation by significant types of
assets. Notes to the financial
statements are typically extensive.
Accounts liability, (current liability)
payable is a
Trademark is an noncurrent asset (intangible asset)
cash is an asset (current)
income tax liability (current liability)
payable is an
, tractors are an asset (property, plant & equipment)
common stock is stockholders equity
accounts current asset
receivable is an
retained stockholders equity
earnings is
The statement of balance sheet... assets, liabilities, and
financial position equity
also called the
________________________
______, lists an
entity's ___________,
_______________, and
________________________
___ as of a
specific point in
time
permanent accounts with cumulative
the balance
balances that company carries
sheet consists of
forward period to period over the
__________
life of the firm
ACCOUNTING I FINAL EXAM
PRACTICE ONE SOLUTIONS 100%
VERIFIED ANSWERS GRADED
A+/NEWEST UPDATE
Save
Terms in this set (85)
, The annual report of a publicly
traded entity must include a letter
from thefirm's management that
states its responsibilities for the
operations of the entity and the
What
information contained in the
information is
financialstatements, including:
included in the
designing and implementing internal
annual report
controls relevant to the preparation
letter written by
and fair presentation of financial
managers of
statements that are free from
publicly traded
materialmisstatement, whether due
companies?
to fraud orerror; selecting and
applying appropriate accounting
policies; and making accounting
estimates that are reasonable in the
circumstances.
The audit report attests to the
fairness of the financialstatements,
What do
not the annual report. Theauditor,
auditors attest to
though, verifies that the financial
in a auditors
information in the annual report is
report?
not inconsistent with the financial
statements.
, The notes(or footnotes) to the
financial statements provide
descriptive information regarding a
company's accountingpolicies,
supplemental disclosures of items
not reported on the financial
Why are the
statements, and additional detail for
notes to the
transactions reported on the four
financial
main financial statements. For
statements an
example, a company will disclose its
integral part of
depreciation policy forlong-lived
the financial
assets in its financial statement
statements?
footnotes. A company could also
provide additional disclosures on
the historical cost and accumulated
depreciation by significant types of
assets. Notes to the financial
statements are typically extensive.
Accounts liability, (current liability)
payable is a
Trademark is an noncurrent asset (intangible asset)
cash is an asset (current)
income tax liability (current liability)
payable is an
, tractors are an asset (property, plant & equipment)
common stock is stockholders equity
accounts current asset
receivable is an
retained stockholders equity
earnings is
The statement of balance sheet... assets, liabilities, and
financial position equity
also called the
________________________
______, lists an
entity's ___________,
_______________, and
________________________
___ as of a
specific point in
time
permanent accounts with cumulative
the balance
balances that company carries
sheet consists of
forward period to period over the
__________
life of the firm
