Acctg 230 Wsu Exam 1 2024 With 100% Correct Answers

Investing activities - correct answer Purchase of land,, purchases or sales of fixed assets such as equipment and real estate Financial Accounting - correct answer Measuring a company's business activities and communicating those measurements to external parties. Financing activity - correct answer Activity that creates cash inflows or outflows through the obtaining or repaying of borrowed or invested funds. Balance sheet - correct answer A financial statement that reports assets, liabilities, and owner's equity on a specific date. Income statement - correct answer A financial statement showing the revenue and expenses for a fiscal period. Financial Accounting Standards Board (FASB) - correct answer The organization primarily responsible for evaluating, setting, or modifying Generally Accepted Accounting Principles Important function of financial accounting - correct answer To Support the efficient distribution of society's resources Public Accounting - correct answer Auditors, Tax prep, business consultants Predictive Value - correct answer Financial information has predictive value if it has value as an input to predictive processes used by investors to form their own expectations about the future. Primary Functions of financial accounting - correct answer measure business activities, and communicate information about those activities to investors Fundamental business activities that financial accounting measures - correct answer Financing activities include transactions with lenders and owners. Investing activities generally include the purchase or disposal of productive assets. Operating activities relate to earning revenues and incurring expenses. Statement of Stockholders Equity - correct answer Reports information related to changes in common stock and retained earnings each period. The chan