- Study guides, Class notes & Summaries

What is Accounting? - Answer The information system that provides reports to users about the economic activities and condition of a business What is GAAP (General Accepted Accounting Principle) - Answer is the collection of accounting standards, principles, and assumptions that define how financial information will be reported 2 characteristics of financial information - Answer Relevant: information has the potential to impact decision making faithful representation: inf...

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2 pages

Written in 2025/2026

Grade A+

TestSolver9

Accounts Receivable - Answer amounts due from customers for credit sales Bad debts - Answer accounts of these customers are uncollectible accounts Direct write-off method - Answer records the loss from an uncollectible account receivable when it is determined to be uncollectible Matching (expense recognition) principle - Answer requires expenses to be reported in the same accounting period as the sales they helped produce Materiality constraint - Answer ...

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5 pages

Written in 2025/2026

Grade A+

TestSolver9

merchandise - Answer consists of products, also called goods, that a company acquires to resell to customers. merchandiser - Answer earns net income by buying and selling merchandise. wholesaler - Answer an intermediary that buys products from manufacturers or other wholesalers and sells them to retailers or other wholesalers. retailer - Answer an intermediary that buys products from manufacturers or wholesalers and sells them to consumers. cost of goods sold ...

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4 pages

Written in 2025/2026

Grade A+

TestSolver9

corporation - Answer a business enterprise that raises money by issuing shares of stock, easy to transfer ownership, easier to raise funds, no personal liability creditor - Answer a party to whom a business owes money, cars salesmen, bank ect.. accounts receivable - Answer right to receive money from a customer in the future from a sale partnership - Answer a business that is owned jointly by two or more people but does not issue stock, simple to establish, share...

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4 pages

Written in 2025/2026

Grade A+

TestSolver9

internal control system - Answer policies and procedures used to protect assets, promote efficient operations, ensure reliable accounting, and uphold company policies Sarbanes-Oxley Act (SOX) - Answer requires managers and auditors of companies whose stock is traded on an exchange to document and verify internal controls committee of sponsoring organization (COSO) - Answer 5 ingredients of internal control that add to the quality of accounting information control envir...

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3 pages

Written in 2025/2026

Grade A+

TestSolver9

Past transaction or event - Answer Liability Present obligation - Answer Liability Future payment of assets or services - Answer Liability Due within one year or an operating cycle - Answer current liability Due in longer than a year - Answer Long term liabilities - Whom To pay - When To pay - How much to pay - Answer Uncertainty in Liabilities 3 categories of Liabilities are... - Answer Known liabilities (definitely determinable), es...

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7 pages

Written in 2025/2026

Grade A+

TestSolver9

Sole Proprietorship - Answer business owned by one person simple to establish owner controlled tax advantages owner personally liable financially difficult Partnership - Answer 2 or more owners simple to establish shared control broader skills and resources tax advantages personally liable Corporation - Answer separate legal entity owned by stockholders easy to transfer ownership greater capital raising potential unfavorable tax treatment lower legal l...

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7 pages

Written in 2025/2026

Grade A+

TestSolver9

FASB (Financial Accounting Standards Board) - Answer The authoritative body that has the primary responsibility for developing accounting principles. SEC (Securities and Exchange Commission) - Answer The agency of the U.S. government that oversees U.S. financial markets and accounting standard-setting bodies. IASB (International Accounting Standards Board) - Answer organization that issues International Financial Reporting Standards for many countries outside the United S...

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5 pages

Written in 2025/2026

Grade A+

TestSolver9

Accounting Definition - Answer An information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information. Types of Users of accounting info. - Answer External and Internal Users External Users - Answer NOT directly involved in running the organization > Includes; shareholders, lenders, directors, customers, suppliers, regulators, lawyers, brokers, and the press Internal Users - Answer ARE directly involved...

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8 pages

Written in 2025/2026

Grade A+

TestSolver9

accounting - Answer an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities. financial accounting - Answer the area of accounting aimed at serving external users by providing them with general-purpose financial statements. managerial accounting - Answer the area of accounting that serves the decision-making needs of internal users. fraud triangle - Ans...

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5 pages

Written in 2025/2026

Grade A+

TestSolver9

accounting - Answer information system that provides reports to users about the economic activities and condition of a business internal users - Answer auditors, CFO, VPs, customers, employees external users - Answer bankers, investors, government, SEC sole proprietorship - Answer one person; separates business and home partnership - Answer 2 or more owners; one has to have liability corporation - Answer owned under state or federal statues; sep...

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10 pages

Written in 2025/2026

Grade A+

TestSolver9

All of the following occur with a double entry accounting system except - Answer time period - Answer which accounting assumption assumes that accounting information can be reported monthly or yearly? Revenue Recognition Principle - Answer which principle states that revenue should only be recorded when earned? Expense recognition principle (matching principle) - Answer which principle requires expenses to be matches with revenue in the proper period? Cost- b...

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4 pages

Written in 2025/2026

Grade A+

TestSolver9

ACCY 201 FLASHCARDS QUESTIONS WITH CORRECT ANSWERS

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4 pages

Written in 2025/2026

Grade A+

Perfectscorer

ACCY 201 TEST 1 QUESTIONS WITH CORRECT ANSWERS

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3 pages

Written in 2025/2026

Grade A+

Perfectscorer

ACCY 201 CHAPTER 4 AND 5 EXAM QUESTIONS AND ANSWERS

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4 pages

Written in 2025/2026

Grade A+

Perfectscorer

ACCY 201 FINAL TEST QUESTIONS AND CORRECT ANSWERS

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3 pages

Written in 2025/2026

Grade A+

Perfectscorer

ACCY 201 EXAM QUESTIONS WITH CORRECT ANSWERS

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3 pages

Written in 2025/2026

Grade A+

Perfectscorer

Accy 201 final ole miss Questions and Verified Answers

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10 pages

Written in 2025/2026

Grade A+

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ACCY 201 - test 1 - Ole Miss - Burney Questions and Verified Answers

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5 pages

Written in 2025/2026

Grade A+

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accy 201 exam 3 ole miss barton Questions and Verified Answers

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9 pages

Written in 2025/2026

Grade A+

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