Principles of Financial and Managerial Accounting - D196 || All Questions Answered Correctly.
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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
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