UCLA MGMT 1A fully
solved & updated
Securities and Exchange Commission (SEC) - answer Agency of the
US Government that was established in 1933 to administer laws and
regulations relating to the exchange of securities and the
publication of financial information by US Businesses.
Securities and Exchange Commission (SEC) - answer Response to
1929 stock market crash, .com bubble, and the roaring 20s
Securities Act of 1933 - answer Implemented by FDR, making the
government require financial statements. This includes a
Registration Statement.
Registration Statement - answer Required of businesses to report
on top management, risks, and all other info about a company. This
is part of the Securities Act of 1933.
Securities Exchange Act of 1934 - answer Requires 10K, 10Q, and
8K. This is the first time accountants are required to verify financial
documentation.
10K - answer Annual report required every year. Considered
"audited" and required by SEC Act of 1934.
10Q - answer Quarterly report required by SEC Act of 1934. This is
reviewed to ensure companies are following GAAP
,8K - answer Current report companies must file with SEC to
announce major events. Required by SEC Act of 1934.
Sarbanes-Oxley Act of 2002 - answer In response to ENRON, imposes
penalties for accounting wrongdoings.
Financial Accounting Standards Board (FASB) - answer Organization
with responsibility of developing accounting principles for US.
Generally Accepted Accounting Principles (GAAP) - answer
Established set of standards and rules that are recognized as a
general guide for financial reporting purposes.
International Financial Reporting Standards (IFRS) - answer Plan for
all countries to speak one accounting language.
Generally Accepted Auditing Standards (GAAS) - answer Set of rules
that are recognized as a general guide for performing audits of
financial statements, which have been established by the
accounting profession.
Forms of Business organizations: - answer 1. Sole proprietorship
2. Partnership
3. Corporation
Types of Business activities: - answer 1. Service
2. Merchandising
3. Manufacturing
Basic Financial Statements: - answer Income Statement
Balance Sheet
, Statement of Owner's Equity
Statement of Cash Flows
Footnotes
Purpose of Income Statement - answer Describes the Revenue and
Expenses for a period of time (usually annually or quarterly)
Single Step Income Statement - answer Revenue
(Expenses)
_______________
Net Income/Loss
_______________________
_______________________
Multi-Step Income Statement - answer Sales
Less: Returns, Allowances
Less: Discounts
Net Sales
(COGS)
____________
Gross Profit
Operating Expenses:
Selling Expense
General Admin Expense
__________________________________
Income From Operations
solved & updated
Securities and Exchange Commission (SEC) - answer Agency of the
US Government that was established in 1933 to administer laws and
regulations relating to the exchange of securities and the
publication of financial information by US Businesses.
Securities and Exchange Commission (SEC) - answer Response to
1929 stock market crash, .com bubble, and the roaring 20s
Securities Act of 1933 - answer Implemented by FDR, making the
government require financial statements. This includes a
Registration Statement.
Registration Statement - answer Required of businesses to report
on top management, risks, and all other info about a company. This
is part of the Securities Act of 1933.
Securities Exchange Act of 1934 - answer Requires 10K, 10Q, and
8K. This is the first time accountants are required to verify financial
documentation.
10K - answer Annual report required every year. Considered
"audited" and required by SEC Act of 1934.
10Q - answer Quarterly report required by SEC Act of 1934. This is
reviewed to ensure companies are following GAAP
,8K - answer Current report companies must file with SEC to
announce major events. Required by SEC Act of 1934.
Sarbanes-Oxley Act of 2002 - answer In response to ENRON, imposes
penalties for accounting wrongdoings.
Financial Accounting Standards Board (FASB) - answer Organization
with responsibility of developing accounting principles for US.
Generally Accepted Accounting Principles (GAAP) - answer
Established set of standards and rules that are recognized as a
general guide for financial reporting purposes.
International Financial Reporting Standards (IFRS) - answer Plan for
all countries to speak one accounting language.
Generally Accepted Auditing Standards (GAAS) - answer Set of rules
that are recognized as a general guide for performing audits of
financial statements, which have been established by the
accounting profession.
Forms of Business organizations: - answer 1. Sole proprietorship
2. Partnership
3. Corporation
Types of Business activities: - answer 1. Service
2. Merchandising
3. Manufacturing
Basic Financial Statements: - answer Income Statement
Balance Sheet
, Statement of Owner's Equity
Statement of Cash Flows
Footnotes
Purpose of Income Statement - answer Describes the Revenue and
Expenses for a period of time (usually annually or quarterly)
Single Step Income Statement - answer Revenue
(Expenses)
_______________
Net Income/Loss
_______________________
_______________________
Multi-Step Income Statement - answer Sales
Less: Returns, Allowances
Less: Discounts
Net Sales
(COGS)
____________
Gross Profit
Operating Expenses:
Selling Expense
General Admin Expense
__________________________________
Income From Operations
