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Bus-a 100 Midterm IU Latest Update Exam | Questions and
Verified Answers | 100% Correct | Grade A +
Big 4 companies - ANSWER KPMG, PwC, Deloitte, Ernst and
Young
Unearned Revenue - ANSWER decreases liabilities, revenue
increased
Depreciation - ANSWER reduces both stockholders' equity and
assets
Leverage - ANSWER the extent to which the company uses debt
as opposed to equity
Operating - ANSWER everything else, sale for cash
Investing - ANSWER Buying and selling land, buildings, and
equipment
Financial - ANSWER transactions with stockholders' and bankers
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Equity Investors - ANSWER stockholders, hope to receive
dividends or increase in stock price
Debt Investors - ANSWER creditors of the business, expect
principal and interest payments
Securities and Exchange Commission requirements for public
company - ANSWER Form 10-K, Form 10-Q, audited financial
statements by an independent auditor
GAAP - ANSWER accounting standard that companies based in
US are required to use
FASB - ANSWER responsible for GAAP
IFRS - ANSWER accounting standards used in 100+ other
countries
IASB - ANSWER responsible for IFRS
Bus-a 100 Midterm IU Latest Update Exam | Questions and
Verified Answers | 100% Correct | Grade A +
Big 4 companies - ANSWER KPMG, PwC, Deloitte, Ernst and
Young
Unearned Revenue - ANSWER decreases liabilities, revenue
increased
Depreciation - ANSWER reduces both stockholders' equity and
assets
Leverage - ANSWER the extent to which the company uses debt
as opposed to equity
Operating - ANSWER everything else, sale for cash
Investing - ANSWER Buying and selling land, buildings, and
equipment
Financial - ANSWER transactions with stockholders' and bankers
, 2|Page
Equity Investors - ANSWER stockholders, hope to receive
dividends or increase in stock price
Debt Investors - ANSWER creditors of the business, expect
principal and interest payments
Securities and Exchange Commission requirements for public
company - ANSWER Form 10-K, Form 10-Q, audited financial
statements by an independent auditor
GAAP - ANSWER accounting standard that companies based in
US are required to use
FASB - ANSWER responsible for GAAP
IFRS - ANSWER accounting standards used in 100+ other
countries
IASB - ANSWER responsible for IFRS
