Afm 101 Study guides, Class notes & Summaries

Four financial statements in order income statement, retained earnings statement, balance sheet, statement of cash flows Financial Accounting For internal and external use Management Accounting Only used internally General Accepted Accounting Principles (GAAP) the common set of standards and procedures by which audited financial statements are prepared International Financial Reporting Standards (IFRS) Used by public enterprise Proprietorship A business o...

AFM 101 Final exam 2024 with 100% correct answers Four financial statements in order - answerincome statement, retained earnings statement, balance sheet, statement of cash flows Financial Accounting - answerFor internal and external use Management Accounting - answerOnly used internally General Accepted Accounting Principles (GAAP) - answerthe common set of standards and procedures by which audited financial statements are prepared International Financial Reporting Standards (IFRS) - an...

AFM 101 Exam Questions & Answers 2023/2024 What is the normal form of the accounting equation? - ANSWER-Assets = Liabilities + Owners Equity Define 'Asset' - ANSWER-Anything the company owns and is not mortgaged/ loaned What is an example of an asset? - ANSWER-Paid for stock Define 'liability' - ANSWER-Anything that is owed to other people/ businesses What is an example of a liability? - ANSWER-Bank loan/ mortgage What is another way to write the accounting equation? - AN...

What is the normal form of the accounting equation? - correct answer Assets = Liabilities + Owners Equity Define 'Asset' - correct answer Anything the company owns and is not mortgaged/ loaned What is an example of an asset? - correct answer Paid for stock Define 'liability' - correct answer Anything that is owed to other people/ businesses What is an example of a liability? - correct answer Bank loan/ mortgage What is another way to write the accounting equation? - correct an...

What form of organization will enable one to limit risk of loss to the amount she has invested in the business? - ANSWER-Corporation Because if the corporation fails and cannot pay itsliabilities, creditors cannot force shareholders to pay the business's debts from their personal assets. Therefore, the most an investor can expect to lose on an investment in this type of corporation is the amount invested. What form of business organization will give the most freedom to manage the busin...

What form of organization will enable one to limit risk of loss to the amount she has invested in the​ business? Corporation Because if the corporation fails and cannot pay its​liabilities, creditors cannot force shareholders to pay the business's debts from their personal assets. ​Therefore, the most an investor can expect to lose on an investment in this type of corporation is the amount invested. What form of business organization will give the most freedom to manage the ...

Four financial statements in order - ANSWER-income statement, retained earnings statement, balance sheet, statement of cash flows Financial Accounting - ANSWER-For internal and external use Management Accounting - ANSWER-Only used internally General Accepted Accounting Principles (GAAP) - ANSWER-the common set of standards and procedures by which audited financial statements are prepared International Financial Reporting Standards (IFRS) - ANSWER-Used by public enterprise Propriet...

AFM 101 Final exam 2024 with 100% correct answers Four financial statements in order - answerincome statement, retained earnings statement, balance sheet, statement of cash flows Financial Accounting - answerFor internal and external use Management Accounting - answerOnly used internally General Accepted Accounting Principles (GAAP) - answerthe common set of standards and procedures by which audited financial statements are prepared International Financial Reporting Standards (IFRS) - an...

Accounting - ANSWER-an information system that measures & records business activities, processes data into reports & reports results to decision makers Accounting equation - ANSWER-Assets = Liabilities + Owner's Equity. Provides the foundation for the double-entry method of accounting Accounting Standards for Private Enterprises - ANSWER-Canadian accounting standards that specify the generally accepted accounting principles applicable to private enterprises that are required to follow GAA...

What is the normal form of the accounting equation? - ANSWER-Assets = Liabilities + Owners Equity Define 'Asset' - ANSWER-Anything the company owns and is not mortgaged/ loaned What is an example of an asset? - ANSWER-Paid for stock Define 'liability' - ANSWER-Anything that is owed to other people/ businesses What is an example of a liability? - ANSWER-Bank loan/ mortgage What is another way to write the accounting equation? - ANSWER-Owner's Equity = Assets - Liabilities D...