Financial accounting Guías de estudio, Notas de estudios & Resúmenes

Revenue should not be recognized until: - Answer-the earnings process is complete and collection is reasonably assured The matching principle is: - Answer-An accrual accounting principle A cause and effect relationship between revenue and expense is best exemplified by: - Answer-Units of production depreciation expense The expense that least fits a cause and effect relationship for matching revenues and expenses would be: - Answer-Advertising expense (not COGS, units of production depre...

This term represents all money claims against other entities, including people, business firms, and other organizations. - Answer-receivables A note receivable due in 3 years is listed on the balance sheet under the caption: - Answer-Investments. Selling receivables is also known as: - Answer-factoring. Under the direct write-off method: - Answer-bad debt expense is recorded when the customer's account is deemed to be worthless. When a customer's account is identified as uncollecti...

Accounts Receivable - Answer-Asset, Balance Sheet Accumulated Depreciation - Answer-Asset, Balance Sheet Building - Answer-Asset, Balance Sheet Equipment - Answer-Asset, Balance Sheet Cash - Answer-Asset, Balance Sheet Supplies - Answer-Asset, Balance Sheet Accounts Payable - Answer-Liability, Balance Sheet Interest Payable - Answer-Liability, Balance Sheet Wages Payable - Answer-Liability, Balance Sheet Rent Payable - Answer-Liability, Balance Sheet Bonds Payable -...

Accounting - Answer-an information system; Measures business activities; Processes data into reports; Communicates results to decision makers ;Is "the language of business" Who uses accounting information? - Answer-Individuals, investors/creditors, regulatory bodies, non profit organizations What are the 2 kinds of accounting? - Answer-Financial Accounting and Managerial accounting Financial Accounting - Answer-for decision makers outside the entity; investors , creditors, government ...

Exam Solutions Manual For Financial Accounting with International Financial Reporting Standards (IFRS) 5th Edition By Jerry Weygandt, Paul Kimmel (All Chapters, 100% Original Verified, A+ Grade) Exam Solutions Manual For Financial Accounting with International Financial Reporting Standards (IFRS) 5th Edition By Jerry Weygandt, Paul Kimmel (All Chapters, 100% Original Verified, A+ Grade) Exam Solutions Manual For Financial Accounting with International Financial Reporting Standards (IFRS) 5t...

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Accounting - Answer-The information system that identifies, records, and communicates the economic events of an organization to interested users Auditor's Report - Answer-A report prepared by an independent outside auditor stating the auditor's opinion as to the fairness of the presentation of the financial position and results of operations and their conformance with GAAP Balance Sheet - Answer-Reports the assets and claims to those assets (liabilities and SE) at a specific point in tim...

Times Interest Earned - Answer-Income before interest expense and income taxes ÷ Interest Expense Debt-to-Equity Ratio - Answer-Total Liabilities ÷ Total Equity Basic Earnings per Share - Answer-Net Income - Preferred Dividends ÷ Weighted-average common shares outstanding Price-earnings (PE) Ratio - Answer-Market Value (price) per share ÷ Earnings per share Dividend Yield - Answer-annual cash dividends per share ÷ market value per share Book value per common share - Answer-St...

accounting controls - Answer-procedures companies implement to safeguard assets and to ensure accurate and reliable accounting records and reports administrative controls - Answer-procedures companies implement to evaluate performance and monitor compliance with company policies and public laws adverse opinion - Answer-opinion issued by a certified public accountant that means one or more departures from GAAP in a company's financial statements are so very material the auditors believe th...

What is the periodicity assumption? - Answer-Accounting divides the economic life of a business into artificial time periods. What is the revenue recognition principles? - Answer-Requires that companies recognize revenue in the accounting period in which it is earner. What is the expense recognition principle? - Answer-The practice of expense recognition. What is the matching principle? - Answer-The same thing as expense recognition principle. What is the difference between accrual a...