Us gaap Samenvattingen, Aantekeningen en Examens

What is Accounting? Accounting is the language of business; it is a standard set of rules for measuring a company's financial performance. Assessing a company's financial performance is important for: The firm's officers (managers and employees) Investors Lenders General public Standard financial statements serve as a "yardstick" of communicating financial performance to the general public. Why is Accounting Important? Enables managers to make corporate decisions Enables the gen...

Which need is the primary influence on the demand for financial information? - The need for user groups to make decisions regarding resource allocation Which organization is responsible for the oversight, financing, and administration of all accounting standard setting organizations in the US? - Financial Accounting Foundation (FAF) Three organizations that set financial accounting standards for US companies? - Committee on Accounting Procedures (CAP), Accounting Principles Board (APB), an...

ACCOUNTING AND FINANCIAL STATEMENT ANALYSIS WALL STREET PREP ACTUAL EXAM 2024 QUESTIONS AND 100% CORRECT ANSWERS GRADED A+ (BRAND NEW!) Assume US GAAP to answer this question. In 2017, $2 million in wages were earned and no cash wages were paid. In 2018, $8 million in wages were earned and $7 million in cash wages werepaid. Cash wages were used to first pay wages earned in 2017 with the remainderused to pay wages earned in 2018. Any earned but unpaid wages will be paid during the first ...

What is accounting? - Correct answer-the action or process of keeping financial accounts revenues - Correct answer-inflows of assets resulting from the sale of goods and services expenses - Correct answer-outflow of assets resulting from the sale of goods and services internal user - Correct answer-managerial accounting external user - Correct answer-financial accounting who is responsible for GAAP - Correct answer-FASB accounting equation - Correct answer-assets = liabilities + owners ...

Audit Services correct answers services by an independent CPA that provide financial statement users with (1) an opinion on whether the financial statements are presented fairly, in all material respects, in accordance with an applicable financial reporting framework and (2) an opinion on the effectiveness of ICFR, which enhance the degree of confidence that intended users can place in the financial statements Attestation Services correct answers Services performed when an independent practit...

ALL BECKER FLASHCARDS EXAM QUESTIONS & ANSWERS 2023/2024 (SSARS) 5 Elements of preparation, compilation and review engagements - ANSWER-1 - three party relationship (mgmt, CPA, intended user) 2 - framework 3 - FS or financial info 4 - Sufficient, Appropriate Evidence (review only!) 5 - written communication/report (SSARS) Who must sign engagement letter - ANSWER-firm and mgmt/gov (SSARS) Financial statements *prepared* in accordance with *special purpose framework* are no...

MHA 706 Midterm- Lord Exam Questions and Answers 100% Pass Proprietorships & Partnerships: Pros & Cons - Correct Answer ️️ -Pros: Ease of Information, Subject to a few regulations, no corporation income taxes. Cons: Limited life, difficult to transfer, unlimited life, difficult to raise capital. Corporations: Pros & Cons - Correct Answer ️️ -Pros: Unlimited life, easy transfer of ownership, limited liability, ease of raising capital. Cons: Cost of formation and reporting, double o...

5 basic assertions of accounting - Answer--complete, valuation, existence, ownership, classification, described and disclosed Required accounting criteria from a set of rules or requirements: - Answer--understandability, relevance, reliability, comparability/consistency, lack of bias, and cost-benefit effectiveness Understandability Criteria - Answer--Must be transparent, intelligible, and clearly disclosed Relevance Criteria - Answer--Must be timely, have predictive value, provide useful f...

1. What is Accounting?: Accounting is the language of business; it is a standard set of rules for measuring a company's financial performance. Assessing a company's financial performance is important for: The firm's officers (managers and employees) Investors Lenders General public Standard financial statements serve as a "yardstick" of communicating financial performance to the general public. 2. Why is Accounting Important?: Enables managers to make corporate decisions Enables t...

1. What does IFRS stand for? a. International Financial Reporting Structure b. International Financial Reporting Standards c. Intercontinental Financial Reporting Standards d. Intercontinental Finance Reporting Structure - b 2. What is the goal of IFRS? - The goal of IFRS is to achieve a single set of high-quality, common accounting standards used around the world. 3. Identify the correct statement about IFRS usage in the US: a. IFRS is intended for publicly accountable entities and has ...