ACCT 3366 (Cost Accounting) Q&A Bundle

A(n) _____ event is any event that directly affects the financial position of the company. (Enter one word per blank economic The type of system that integrates the information of departments and functions of a company into a single computer system is called a(n Enterprise Resource Planning (ERP) s...

The change in equity of a business enterprise during a period from transactions and other events and circumstances from nonowner sources is called distributions to owners. net income. comprehensive income. assets. comprehensive income. Which of the following accurately describes shareholders' equi...

Assets future economic benefit obtained or controlled by particular entity as result of past transaction Liabilities future sacrifices of economic benefits arising from present obligation of particular entity to transfer assets Equity net asset, residual interest in assets of an entity that remain...

Obligation to transfer cash or other resources as a result of past transaction Liability Dividends paid by a corporation to its shareholders Distribution to owners Inflow of an asset from providing a good or service Revenues The financial position of a company Owners Equity/ Capital Increase in ...

Visualize the Important Role of Accounting 1. Produce good decisions 2. Foster a prosperous society Financial information to various external users - Investors - Creditors - Other external users Financial Information is a Key component of that information set Investors and creditors -To predict t...

Conceptual Framework a coherent system of objectives and fundamentals established by the FASB, which determine the nature, function, and limits of financial accounting and which lead to consistent accounting standards. A soundly developed conceptual framework thus enables the FASB to issue more use...