Principles of Financial and Managerial Accounting - D196 || All Questions Answered Correctly.
6 views 0 purchase
Course
Principles of Financial and Managerial Accounting
Institution
Principles Of Financial And Managerial Accounting
What is the effect of a company's accounting department maintaining high ethical standards? correct answers The company's accounting information will increase in value.
Why might employees be interested in their company's financial accounting information? correct answers Financial statement data...
Principles of Financial and Managerial Accounting - D196 ||
All Questions Answered Correctly.
What is the effect of a company's accounting department maintaining high ethical standards?
correct answers The company's accounting information will increase in value.
Why might employees be interested in their company's financial accounting information? correct
answers Financial statement data are often used in determining employee bonuses.
Which group establishes financial accounting rules in the United States? correct answers
Financial Accounting Standards Board (FASB)
Which report is one of the three primary financial statements? correct answers Statement of cash
flows
A company paid $5,000 cash in advertising costs.
How does this transaction affect the paying company's accounting equation? correct answers
Assets decrease by $5,000; expenses increase by $5,000.
What is a transaction? correct answers Two parties exchanging something of value
A company borrowed $80,000 cash from a bank.
How does this transaction affect the accounting equation of the borrowing company? correct
answers Assets increase by $80,000; liabilities increase by $80,000.
What is the impact of expenses on the accounting equation? correct answers Expenses decrease
owners' equity.
Which type of account are accounts payable and notes payable both examples of? correct
answers Liability
What is the purpose of the financial accounting cycle? correct answers To turn information about
transactions into financial statements
According to the accounting equation, the amount of liabilities and equity must always be equal
to another amount.
What is that other amount? correct answers Assets
Which item is an expense item? correct answers Cost of goods sold
How is gross profit computed? correct answers Sales minus cost of goods sold
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.29. You're not tied to anything after your purchase.
