Exam (elaborations)
Module -3 - Final Exam Questions and Answers 2024
- Course
- Institution
Module -3 - Final Exam
[Show more]
Content preview
Module #3 - Final ExamWhat is the essential accounting equation? - answer Assets = Liabilities + Equity
What is the conflict of interest for accounting firms? - answer They get paid to do
accounting but they also must be ethical
What are the two types of accountants? - answer Public and Private
What is a managerial accounting report? - answer Internal report used to report about
the operating performance
What is a financial accounting report? - answer Prepared periodically for people not
employed by the company
Who is money owed to? - answer Creditors
What is an asset? - answer Economic resource presently controlled by the company
What is a liability? - answer Measurable amounts that the company owes to creditors
What is the stockholder's equity - answer Represents the owners' claim on the business
What is a dividend? - answer Profits paid out to stockholders from retained earnings
What does the income statement report? - answer The amount of revenues minus the
expenses for a period of time
What are the three sections to an income statement? - answer Revenues, Expenses,
Net Income
What are the components to the statement of retained earnings? – answer RE balance
at the start of the period
Add Net Income
Subtract any Dividends
RE at the end of the period
What is the purpose of the balance sheet? - answer Reports the amount of assets,
liabilities, and stockholder's equity (A=L+E)
How are assets ordered on a balance sheet? - answer In order of liquidity (Cash first)
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 julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82871 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now