ACCTG 241 FINAL EXAM KSU QUESTIONS AND
ANSWERS 2024/2025 A COMPLETE SOLUTION
WITH CORRECT DETAILED ANSWERS BEST RATED
TO SCORE A+ FOR SUCCESS
Ethics - CORRECT ANSWERS the principles of right and wrong that guide an
individual in making decisions
Historical Cost Principle - CORRECT ANSWERS An accounting principle that states
that companies should record assets at their cost.
Economic Entity Assumption - CORRECT ANSWERS An assumption that every
economic entity can be separately identified from the activities of its owner and
other entities.
Basic Accounting Equation - CORRECT ANSWERS Assets = Liabilities +
Stockholders' Equity
Income Statement - CORRECT ANSWERS presents the revenues and expenses
and resulting net income or net loss for a specific period of time.
Statement of Cash Flows - CORRECT ANSWERS reports the cash effects of a
company's operating, investing, and financing activities.
IFRS vs GAAP - CORRECT ANSWERS IFRS tends to be simpler, more "principles
based". GAAP is more detailed, "rules based"
Sales or Revenue: - CORRECT ANSWERS Increase with a credit
, ACCTG 241 FINAL EXAM KSU QUESTIONS AND
ANSWERS 2024/2025 A COMPLETE SOLUTION
WITH CORRECT DETAILED ANSWERS BEST RATED
TO SCORE A+ FOR SUCCESS
Dividend - CORRECT ANSWERS is not an expense, a return of capital
Why classify balance sheet - CORRECT ANSWERS Helps us predict the future
sales discount - CORRECT ANSWERS a reduction given by a seller for prompt
payment of a credit sale
Sales Returns and Allowances - CORRECT ANSWERS will account for customer
returns and allowances that a business made for product quantity issues.
Income from operations - CORRECT ANSWERS gross profit -
selling/administrative expenses
FIFO - CORRECT ANSWERS Assumes first units purchased are first ones sold
LIFO - CORRECT ANSWERS used for tax purposes (during times of inflation)
IFRS prohibits the use of - CORRECT ANSWERS LIFO
Fraud Triangle - CORRECT ANSWERS opportunity, pressure, rationalization
ANSWERS 2024/2025 A COMPLETE SOLUTION
WITH CORRECT DETAILED ANSWERS BEST RATED
TO SCORE A+ FOR SUCCESS
Ethics - CORRECT ANSWERS the principles of right and wrong that guide an
individual in making decisions
Historical Cost Principle - CORRECT ANSWERS An accounting principle that states
that companies should record assets at their cost.
Economic Entity Assumption - CORRECT ANSWERS An assumption that every
economic entity can be separately identified from the activities of its owner and
other entities.
Basic Accounting Equation - CORRECT ANSWERS Assets = Liabilities +
Stockholders' Equity
Income Statement - CORRECT ANSWERS presents the revenues and expenses
and resulting net income or net loss for a specific period of time.
Statement of Cash Flows - CORRECT ANSWERS reports the cash effects of a
company's operating, investing, and financing activities.
IFRS vs GAAP - CORRECT ANSWERS IFRS tends to be simpler, more "principles
based". GAAP is more detailed, "rules based"
Sales or Revenue: - CORRECT ANSWERS Increase with a credit
, ACCTG 241 FINAL EXAM KSU QUESTIONS AND
ANSWERS 2024/2025 A COMPLETE SOLUTION
WITH CORRECT DETAILED ANSWERS BEST RATED
TO SCORE A+ FOR SUCCESS
Dividend - CORRECT ANSWERS is not an expense, a return of capital
Why classify balance sheet - CORRECT ANSWERS Helps us predict the future
sales discount - CORRECT ANSWERS a reduction given by a seller for prompt
payment of a credit sale
Sales Returns and Allowances - CORRECT ANSWERS will account for customer
returns and allowances that a business made for product quantity issues.
Income from operations - CORRECT ANSWERS gross profit -
selling/administrative expenses
FIFO - CORRECT ANSWERS Assumes first units purchased are first ones sold
LIFO - CORRECT ANSWERS used for tax purposes (during times of inflation)
IFRS prohibits the use of - CORRECT ANSWERS LIFO
Fraud Triangle - CORRECT ANSWERS opportunity, pressure, rationalization
