100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
MBA Accounting Exam 1 Questions & Answers 2024/2025 $8.49   Add to cart

Exam (elaborations)

MBA Accounting Exam 1 Questions & Answers 2024/2025

 0 view  0 purchase
  • Course
  • MBA Accounting
  • Institution
  • MBA Accounting

MBA Accounting Exam 1 Questions & Answers 2024/2025 Accounting - ANSWERSID, records, communicates economic events of an org to interested internal/external users GAAP - ANSWERSStandards accepted/universally practiced that indicate how to report economic events historical cost principle -...

[Show more]

Preview 2 out of 7  pages

  • November 13, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MBA Accounting
  • MBA Accounting
avatar-seller
Bensuda
MBA Accounting Exam 1 Questions &
Answers 2024/2025

Accounting - ANSWERSID, records, communicates economic events of an org to interested
internal/external users



GAAP - ANSWERSStandards accepted/universally practiced that indicate how to report economic events



historical cost principle - ANSWERScompanies record assets at their cost



fair value principle - ANSWERSassets/liabilities should be reported at fair value (the price received to sell
an asset/settle a liability)



monetary unit assumption - ANSWERScompanies include only transaction data that can be expressed in
terms of money in their acct records



economic entity assumption - ANSWERSactivities of company kept separate/distinct from activities of
owner/others



proprietorship - ANSWERSone owner; small service; owner is personally liable



partnership - ANSWERS2+ owners; retail/service; unlimited personal liability; partnership agreement



corporation - ANSWERSownership in stock shares; separate legal entity; limited liability



A=L+SE - ANSWERSaccounting equation



SE=CS+RE - ANSWERSstockholder's equity equation

, RE=R-E-D - ANSWERSretained earnings equation



assets - ANSWERSresources a business owns; provide future services/benefits



liabilities - ANSWERSclaims against assets



creditors - ANSWERSparty to whom money is owed



stockholder's equity - ANSWERSownership claim on total assets; AKA residual equity



revenues - ANSWERSbusiness activities entered into for the purpose of earning income



dividends - ANSWERSdistribution of cash/other assets to stockholders



expenses - ANSWERScost of assets/services in the process of earning revenue



transactions - ANSWERSbusiness's economic events recorded by accountants; internal/external; has dual
effect on acct equation



income statement, retained earnings statement, balance sheet, statement of cash flows - ANSWERS4
financial statements



income statement - ANSWERSreports company's operations over a specific period of time; R followed by
E; shows net income (or loss)



R-E=NI



retained earnings statement - ANSWERSreports changes in RE for a specific period of time (same time
period as IS)

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 Bensuda. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $8.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

80796 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$8.49
  • (0)
  Add to cart