Accounting Bundled Exams Package Deal Graded A+.

Account Balance - Answer Difference between total debits and total credits (including the beginning balance) for an account. Accounting - Answer comprehensive system for collecting, analyzing, and communicating financial information Accounting Cycle - Answer for a given time period, t...

When financial records for a business and for its owner's personal belongings are not mixed, this is an application of the Business Entity accounting concept. - Answer True The capital account is an owner's equity account. - Answer True An accounting device used to analyze transact...

The two main qualities of accounting are - Answer Relevance and reliability The largest organization of professional accountants - Answer AICPA The FASB is responsible for establishing - Answer GAAP The owners interest in the assets of a corporation - Answer Stockholders equity ...

providers of financial information - Answer profit oriented companies, not for profit entities, households external users of financial information - Answer investors, creditors, employees, banks, labor unions, customers, suppliers, gov regulatory agencies conceptual framework - Answer ...

4 Financial Statements - Answer 1) Balance Sheet 2) Income Statement 3) Statement of Owners Equity 4) Statement of Cash Flows GAAP - Answer Generally accepted accounting principles (Rules for comparison between financial statements, established by private FASB and public the public SEC) ...

Advantages of a sole proprietorship - Answer Easy and inexpensive to form and dissolve, No profit sharing, Complete control of company, Few government regulations, Business profits taxed at personal level. Disadvantages of a sole proprietorship - Answer Unlimited personal liability, Limited...

B) Financial Accounting Standards Board - Answer Which of the following groups has the primary responsibility for establishing generally accepted accounting principles for business entities in the United States? A) U.S. Congress B) Financial Accounting Standards Board C) International Accoun...

The four performance measures are: Financial, Customer, Internal Business Process, and Learning & Growth. Which process is the most important? - Answer Learning and Growth Learning and Growth is the most important performance measure because - Answer The development of employees improves bu...

Accounting - Answer ID, records, communicates economic events of an org to interested internal/external users GAAP - Answer Standards accepted/universally practiced that indicate how to report economic events historical cost principle - Answer companies record assets at their cost ...

Current Assets - Answer Used w/n a year. When used it becomes an expense. E.g. Cash, Accounts Recievable, Supplies, Inventory, Prepaid Insurance Fixed Assets - Answer More permanent. Each fixed asset (except for land) has an Accumulated Depreciation account which is a Contra-asset. Cash fl...