Financial Accounting
FINANCIAL ACCOUNTING
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Financial accounting tools for business decision making chapter 2 Exam
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Financial accounting tools for business 
decision making chapter 2 Exam 
Classified Balance Sheet - answerA balance sheet that groups together similar assets and 
similar liabilities, using a number of standard classifications and sections. 
current assets - answercash and other assets expected to be exchanged for cash or 
consumed within a year 
Operating Cycle - answerThe time span during which cash is paid for goods and services, 
which are then sold to customers from whom the business collec...
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Financial Accounting: Tools for Business Decision Making Chapter 3
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Financial Accounting: Tools for Business 
Decision Making Chapter 3 
Account - answerAn individual accounting record of increases and decreases in specific 
asset, liability, stockholders' equity, revenue or expense items. 
Account information system - answerThe system of collecting and processing transaction 
data and communicating financial information to decision-makers. 
Accounting transactions - answerEvents that require recording in the financial statements 
because they affect assets, li...
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Accounting tools for business decision making 4th edition chapter 6
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Accounting tools for business decision 
making 4th edition chapter 6 
Average-cost method - answeran inventory costing method that uses the weighted average 
unit cost to allocate the cost of goods available for sale to ending inventory and cost of goods 
sold. 
Consigned goods - answerGoods held for sale by one party although ownership of the 
goods is retained by another party 
Current replacement cost - answerthe cost of purchasing the same goods at the present 
time from the usual suppliers ...
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Financial Accounting: Tools for Business Decision Making - Chapter 5 Exam
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Financial Accounting: Tools for Business 
Decision Making - Chapter 5 Exam 
Comprehensive income - answerAn income measure that includes gains and losses that are 
excluded from the determination of net income. 
Comprehensive income statement - answerA statement that presents items that are not 
included in the determination of net income, referred to as other comprehensive income. 
Contra revenue account - answerAn account that is offset against a revenue account on the 
income statement. 
Cost...
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Financial Accounting: Tools for Business Decision Making - Chapter 9 Exam
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Financial Accounting: Tools for Business 
Decision Making - Chapter 9 Exam 
Accelerated-depreciation method - answerA depreciation method that produces higher 
depreciation expense in the early years than the straight-line approach. 
Additions and improvements - answerCosts incurred to increase the operating efficiency, 
productive capacity, or expected useful life of a plant asset. 
Amortization - answerThe process of allocating to expense the cost of an intangible asset. 
Asset turnover - answ...
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Financial Accounting: Tools for Business Decision Making - Chapter 10 Exam
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Financial Accounting: Tools for Business 
Decision Making - Chapter 10 Exam 
Bond certificate - answerA legal document that indicates the name of the issuer, the face 
value of the bonds, and other data such as the contractual interest rate and the maturity date 
of the bonds. 
Bonds - answerA form of interest-bearing notes payable issued by corporations, 
universities, and governmental agencies. 
Callable bonds - answerBonds that the issuing company can redeem (buy back) at a stated 
dollar amo...
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Financial Accounting: Tools for Business Decision Making - Chapter 3
- Exam (elaborations) • 1 pages • 2024
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Financial Accounting: Tools for Business 
Decision Making - Chapter 3 
Account - answerAn individual accounting record of increases and decreases in specific 
asset, liability, stockholders' equity, revenue or expense items. 
Account information system - answerThe system of collecting and processing transaction 
data and communicating financial information to decision-makers. 
Accounting transactions - answerEvents that require recording in the financial statements 
because they affect assets, ...
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Financial Accounting: Tools for Business Decision Making Exam 1 2024
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Financial Accounting: Tools for Business 
Decision Making Exam 1 2024 
sole proprietorship - answera business owned by one person 
Pros of a sole proprietorship - answer•It is simple to set up 
• It gives you control over the business, and 
• More favorable tax treatment than corporations 
Cons of forming a sole proprietorship - answerThe proprietor is personally liable for all 
debts and legal obligations of the business 
Partnership - answerA business owned by two or more persons associa...
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Financial Accounting: Tools for Business Decision Making - Chapter 6
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Financial Accounting: Tools for Business 
Decision Making - Chapter 6 
Inventory turnover - answerA ratio that indicates the liquidity of inventory by measuring the 
number of times average inventory is sold during the period; computed by dividing cost of goods 
sold by the average inventory during the period. 
Days in inventory - answerMeasure of the average number of days inventory is held; 
calculated as 365 divided by inventory turnover. 
Average-cost method - answerAn inventory costing meth...
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Financial accounting 5th edition the cornerstone of business decision making chapter 1-2
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Financial accounting 5th edition the 
cornerstone of business decision making 
chapter 1-2 
Balance sheet Equation - answerA=L+SE 
Income statement equation - answerRevenues - Expenses = Net Income 
Statement of Retained Earnings / SSE Equation - answerR/E + NI - Dividends = End R/E 
NI on IS - answerShows increase in R/E 
R/E is on what statements - answerBS & SE 
Statement of cash flows - answerCFO +/- CFI +/- CFF + Cash from beginning of period = end 
cash