Intermediate accounting Study guides, Class notes & Summaries

Chapter 1 Intermediate Accounting Exam With Complete Solutions External decision makers would not look primarily to financial accounting information to assist them in making decisions on - answerB. Capital budgeting Corporations issue their shares to the investing public in the - answerC. Option C The primary focus for financial accounting information is to provide information useful for - answerA. Option A Which of the following is not true about net operating cash flow? - answerB. t is ...

Intermediate Accounting Exam #1 Questions With 100% Correct Answers providers of financial information - answerprofit oriented companies, not for profit entities, households external users of financial information - answerinvestors, creditors, employees, banks, labor unions, customers, suppliers, gov regulatory agencies conceptual framework - answerunderlying structure for the development of accounting standards GAAP - answergenerally accepted accounting principles- body of accounting st...

Intermediate Accounting Exam #1 Questions With 100% Correct Answers The process that culminates in the preparation of financial reports on the enterprise for use by both internal and external parties - answerFinancial accounting The process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, control, and evaluate a company's operations - answerManagerial accounting What are the 4 types of financial statements? - answer1. Balance she...

Intermediate Accounting I (Exam 1) Chapters 1-5 Questions with Verified Solutions objective of financial reporting - answerprovide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors general-purpose financial statements - answerprovide financial reporting information to a wide variety of users accrual basis accounting - answerensures that a company records events that change its financial statements in th...

Intermediate Accounting Exam #1 (ch.1-4) Questions with Verified Solutions According to Statement of Financial Accounting Concepts No. 2, predictive value is an ingredient of the fundamental quality of: Relevance: Faithful Representation: a. yes no b. yes yes c. no no d. no yes - answera: yes; no Financial information exhibits the characteristic of consistency when: a. expenses are reposted as charges against revenue in the period in which they are paid b. companies apply the same acc...

Intermediate Accounting Exam 1 Study Guide Questions With 100% Correct Answers What is GAAP? - answerStandards by which accounting info is prepared and presented to external users. (FASB is source for GAAP through Accounting Standards Codification) What are the means of Financial Reporting except Financial Statements? - answerTo provide financial information about the reporting entity that is useful to present/potential equity investors, lenders, and other creditors in making decisions in...

Intermediate Accounting Exam 1 Study Guide With Latest Solutions GAAP (Generally Accepted Accounting Principles) - answerA common set of accounting standards and procedures are called IRFS includes both International Reporting Standards and International Accounting Standards - answerTRUE International Financial Reporting Standards preceded International Accounting Standards - answerTRUE The standard-setting structure used by the International Accounting Standards Board is very similar t...

Intermediate Accounting Chapter 1 - Exam 1 Questions With 100% Correct Answers The balance sheet, the income statement, the statement of cash flows, and the statement of owners' or stockholders' equity. - answerWhat are the four main financial statements? Accounting provides relevant, reliable, and timely information to managers, investors, and creditors to allow resource allocation to the most efficient enterprises. Accounting also provides measurements of efficiency and financial soun...

Intermediate Accounting Exam 1 Review Questions With 100% Correct Answers Essential characteristics of accounting - answerthe identification, measurement, and communication of financial information about economic entities to interested parties Financial accounting - answerprep financial reports on entity for internal and external parties Managerial accounting - answeridentify, measure, analyze financial info needed by management to plan, control, and evaluate comp operations What are exa...

Intermediate Accounting 1 Final Exam Questions With 100% Correct Answers financial reporting - answerprocess of providing this information to external users capital markets - answeras a composite of all investors and creditors, helps our economy allocate resources cash basis accounting - answermeasurement of cash receipts and cash payments from transactions related to providing goods and services, difference is net operating cash flow, only accounts for the cash flow/inflow when it is hap...