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 ?
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 sh3rrymagdah. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.39. You're not tied to anything after your purchase.