Fredjohnson

ACCOUNTING 101 FINAL EXAM FINAL PAPER STUDY GUIDE DETAILED Questions with Correct Answers (Grade A+) Question 1: What are the four major financial statements, and how are these statements prepared in order? Answer: income statement -> statement of stockholders' equity -> balance sheet -> statement of cash flows Question 2: What accounts are found in the Balance Sheet? Answer: assets, liabilities, and stockholders' equity Question 3: What accounts are found in the Income Sta...

ACCOUNTING EXAM 1 EXAMS SET Questions with Correct Answers (Grade A+) Question 1: The Matching concept is. A. Revenues= COGS B. Having the same number of assets accounts on the balance sheet as last year. C. Debits=Credits D. Recording all expenses incurred in generating the revenues of a period. E. Assets=Liabilities + Owners Equity. Answer: D. Recording all expenses incurred in generating the revenues of a period. Question 2: An Expense Account. A. is increased with a debit B. Is in...

ACCOUNTING 28TH EDITION EXAM SCRIPT FINAL PAPER Questions with Correct Answers (Grade A+) Question 1: Faithful Representation Answer: Information that accurately shows what really happened. Question 2: Complete Information Answer: Information that includes all necessary details. Question 3: Neutral Information Answer: Information that is unbiased and not written to favor one side. Question 4: Free from Error Answer: Information that is accurate and without mistakes. Question 5: Compara...

ACCOUNTING 28TH EDITION CERTIFICATION EVALUATION Questions with Correct Answers (Grade A+) Question 1: NSF Check Answer: A "not sufficient funds" check. Question 2: Merchandiser Answer: A business that buys and sells goods to customers. Question 3: Sales Answer: Revenue earned from selling goods or services. Question 4: Cost of Goods Sold Answer: The cost of inventory that was sold to customers. Question 5: Gross Profit Answer: The amount left after subtracting cost of goods sol...

ACCOUNTING 28TH EDITION ACTUAL EXAM PAPER Questions with Correct Answers (Grade A+) Question 1: Partnership Answer: A business owned by two or more people. It is easy to form and combines different skills, but partners usually have personal liability. Question 2: Corporation Answer: A business that is legally separate from its owners. Owners usually have limited liability, and the company can raise money more easily, but it may face double taxation. Question 3: Internal Users Answer: Pe...

ACCOUNTING EXAM 1 COMPREHENSIVE EXAMINATION TEST Questions with Correct Answers (Grade A+) Question 1: Recordkeeping/Bookkeeping. Answer: the recording of transactions and events, either manually or electronically Question 2: External Users. Answer: not directly involved in running the organization, need to all coincide with one method Question 3: Internal Information Users. Answer: those directly involved in managing and operating an organization, not so concerned with others Question 4...

ACCOUNTING EXAM 1 CERTIFICATION EVALUATION TEST PAPER Questions with Correct Answers (Grade A+) Question 1: Who are the users of financial accounting? Answer: external users Question 2: financing activities Answer: transactions the company has with investors and creditors Question 3: investing activities Answer: transaction involving the purchase and sale of resources that are expected to benefit the company for several years. (ex: company cars, general investments, etc.) Question 4: op...

ACCOUNTING EXAM 1 ACTUAL EXAM SCRIPT Questions with Correct Answers (Grade A+) Question 1: Accounting. Answer: comprehensive system for collecting, analyzing, and communicating financial information Question 2: Accounting Cycle. Answer: for a given time period, the cycle of recording accounting data, adjusting the accounts, preparing the financial statements, and closing the temporary accounts; when one accounting cycle ends a new one begins Question 3: Accounting Event. Answer: Economi...

ACCOUNTING COMPREHENSIVE STUDY GUIDE Questions with Correct Answers (Grade A+) Question 1: Accounting system Answer: A planned process for providing financial information that will be useful to management. Question 2: Accounting records Answer: Organized summaries of a business's financial activities. Question 3: Financial statements Answer: Financial reports that summarize the financial condition and operations of a business. Question 4: Service business Answer: A business that pref...

ACCOUNTING ACTUAL TEST PAPER Questions with Correct Answers (Grade A+) Question 1: Cost Answer: the amount of resources that a company sacrifices to obtain goods or services; often said to be incurred when the company pays cash or uses credit to acquire the item Question 2: Revenue Recognition Principle Answer: revenues are reported when goods or services are delivered, there is evidence of an arrangement for customer payment, the price is fixed or determinable, and collection is reasonab...

ACCOUNTING 28TH EDITION PRACTICE TEST Questions with Correct Answers (Grade A+) Question 1: Bookkeeping Answer: recording of accounting transactions Question 2: Accounting Information System (AIS) Answer: organized procedure for identifying, measuring, recording, and retaining financial information for use in accounting statements and management reports Question 3: Business managers Answer: use accounting information to develop goals and plans, set budgets, and evaluate future prospects ...

ACCOUNTING 28TH EDITION EXAM STUDY GUIDE Questions with Correct Answers (Grade A+)Question 1: Current Asset Answer: Asset that can or will be converted into cash within a year Question 2: Liquidity Answer: Ease with which an asset can be converted into cash Question 3: Fixed Asset Answer: Asset with long-term use or value, such as land, buildings, and equipment Question 4: Depreciation Answer: Accounting method for distributing the cost of an asset over its useful life Question 5: Curre...

ACCOUNTING WHAT THE NUMBERS MEAN REVISION HANDBOOK ASSETS LIABILITIES AND EQUITY ANALYSIS Questions with Correct Answers (Grade A+) Question 1: Capital Budgeting. Answer: Systematic planning for long-term investments in operating assets. Question 2: Capital Lease Obligations. Answer: A long-term liability in the balance sheet. Question 3: Cash. Answer: Coins and currency as well as the balances in company checking and savings accounts. Question 4: Cash Budget. Answer: An important tool...

ACCOUNTING WHAT THE NUMBERS MEAN CERTIFICATION EVALUATION Questions with Correct Answers (Grade A+) Question 1: Allowance for Uncollectible Accounts (or Allowance for Bad Debts) Answer: The valuation allowance that results in accounts receivable being reduced by the amount not expected to be collected. Question 2: bad debts expense (or uncollectible accounts expense) Answer: An estimated expense, recognized in the fiscal period of the sale, representing accounts receivable that are not ex...

ACCOUNTING WHAT THE NUMBERS MEAN ACTUAL TEST BANK Questions with Correct Answers (Grade A+) Question 1: Accounting Standards Update (Update or ASU) (p.10) Answer: A transient document which communicates the details of specific amendments to the FASB Codification, and explains the basis for the Board's decisions. Although ASUs update the FASB Codification, the FASB does not consider Updates as authoritative in their own right. Question 2: Accrual accounting (p.18) Answer: Accounting tha...

ACCOUNTING REVIEW Questions with Correct Answers (Grade A+) Question 1: A planned process designed to compile financial data and summarize the results in accounting records and reports. Answer: accounting system Question 2: Financial reports that summarize the financial condition and operations of a business. Answer: financial statements Question 3: A formal report that shows what an individual owns, what an individual owes, and the difference between the two. Answer: net worth statemen...

ACCOUNTING PROFESSIONAL STUDY SHEET Questions with Correct Answers (Grade A+) Question 1: Financial Accounting Answer: the branch of accounting that prepares financial statements for use by owners, creditors, suppliers, and other external stakeholders Question 2: Managerial Accounting Answer: the branch of accounting that provides reports and analysis to managers to help them make informed business decisions Question 3: Generally Accepted Accounting Principles (GAAP) Answer: a set of ac...

ACCOUNTING WHAT THE NUMBERS MEAN LEARNING WORKBOOK FINANCIAL STATEMENTS AND BASIC ACCOUNTING CYCLES Questions with Correct Answers (Grade A+) Question 1: Accounting Equation. Answer: Assets = Liabilities + Owners' Equity Question 2: Accounts Payable. Answer: The flip side of accounts receivable— when one company sells on credit, creating for itself an account receivable, the company on the other side of the transaction is buying on credit, creating an account payable. Question 3: ...

ACCOUNTING WHAT THE NUMBERS MEAN EXAMPREP Questions with Correct Answers (Grade A+) Question 1: Managerial accounting Answer: the use of economic and financial information to plan and control many of the activities of the entity and to support the management decision-making process. Question 2: Cost accounting Answer: the determination and accumulation of product, process, or service costs. Question 3: Internal auditors Answer: professional accountants who perform functions & are employe...

ACCOUNTING WHAT THE NUMBERS MEAN EXAM PREPARATION KEY CONCEPTS AND REVISION NOTES Questions with Correct Answers (Grade A+) Question 1: GAAP (generally accepted accounting principles). Answer: 1. Relevant info affects decision of user 2. Reliable info trusted by users 3. Comparable info aids in contrasting organizations Question 2: SEC- Securities and Exchange Commission. Answer: Federal agency congress has charged to set reporting rules for org that sell ownership shares to public Qu...