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ECON 3A Final (Correctly solved) $11.39   Add to cart

Exam (elaborations)

ECON 3A Final (Correctly solved)

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  • Course
  • Econ
  • Institution
  • Econ

what kind of watch does bob have? correct answers rolex what is bobs nickname? correct answers bob-o asset correct answers probable future economic benefit liability correct answers probable future economic sacrifice equity correct answers residual interest of owners basic accounting...

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  • September 19, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Econ
  • Econ
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sh3rrymagdah
ECON 3A Final (Correctly solved)
what kind of watch does bob have? correct answers rolex


what is bobs nickname? correct answers bob-o


asset correct answers probable future economic benefit


liability correct answers probable future economic sacrifice


equity correct answers residual interest of owners


basic accounting equation correct answers Assets = Liabilities + Stockholders' Equity


balance sheet basics correct answers - statement of financial position
- A=L+E
- as of a certain date


income statement basics correct answers - how did we do?
- stated period


3 activities in statement of cash flows correct answers operating, investing, financing


revenue reported correct answers when it is earned


expense reported when correct answers we receive the benefit, incurred


who needs info about:
- profitability of each division in the company correct answers management

, who needs info about:
- prospects for future dividend payments correct answers stockholder


who needs info about:
- prospects that the company will be able to pay its interest payments on time correct answers banker


who needs info about:
- prospects that the company will be able to pay for its purchases on time correct answers supplier


GAAP financial statements correct answers balance sheet, income statement, statement of cash flows,
statement of RE or SE, footnotes, 10-K, 10-Q


sole proprietorship correct answers - simple, easily established
- lack of experience


corporations (Inc.) correct answers - complex to establish, but then easier to transfer ownership
- personal liability limited
- BAD: dual taxation


LLC/ S. corp/ LLP correct answers - hybrid partnership/corp
- legal protection without dual tax issue


FASB, AICPA, SEC correct answers - FASB writes GAAP, statement of financial accounting standards
(SFAS)
- AICPA advises FASB
- SEC is governing body. of public companies and oversees independent firms via PCAOB


Act of 1993, 1934 correct answers - 1933: requirement for Initial Public Offering (to go public)
- 1934: reporting req for public companies


"What we learn to do, we learn by doing" correct answers Aristotle/ Thomas Jefferson ?

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