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ACCTG 230 WSU Final Exam Questions with 100% Correct Answers | Verified | Latest Update
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ACCTG 230 WSU Final Exam Questions with 100% Correct Answers | Verified | Latest Update
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ACCTG 230 WSU Final Exam Questionswith 100% Correct Answers | Verified |
Latest Update
whatiisiaccountingi-iCorrectiAnswer-
aisystemiofimaintainingirecordsiofiaicompany'sioperationsiandicommun
icatingithatiinfoitoidecisionimakers.iitiisiimportantitoimakeiinformedidec
isionsiaboutiaicompany
Financialiaccountingi-iCorrectiAnswer-
measureibusinessiactivitiesiofiaicompanyiandithenicommunicateithosei
measurementsitoiexternalipartiesiforidecisionimakingipurposes
GenerallyiAcceptediAccountingiPrinciplesi(GAAP)i-iCorrectiAnswer-
theirulesiofifinancialiaccounting.iitiisiimportantithatiallicompaniesiuseith
eisameirulesiforifinancialistatementiusersiandiitihelpsiinvestorsiaccurate
lyicompareifinancialiinformationiamongicompaniesiwhenimakingidecisi
oniaboutiwhereitoiinvestiorilend.
operatingiactivitiesi-iCorrectiAnswer-
includesicashireceiptsiandicashipaymentiforitransactionsirelatingitoireve
nueiandiexpenseiactivitiesi(incomeistatement)
-changesiinicurrentiassetsiandicurrentiliabilities
,financingiactivitiesi-iCorrectiAnswer-
includeicashitransactionsiresultingifromiexternalifinancialiofiaibusiness
-changesiinilongitermiliabilities,icommonistockioriretainediearnings
investingiactivitiesi-iCorrectiAnswer-
includesicashitransactionsiinvolvingitheipurchaseiorisaleiofiailongitermia
ssetsiandicurrentiinvestmentsi
-changesiinilongitermiassets
formsiofibusinessesi-iCorrectiAnswer--
soleiproprietorship:iownedibyioneiperson
-partnership:iownedibyitwoiorimoreipeople
-
corporation:ientityithatiisiseparateifromiitsiownersiandihasilimitediliabil
ity
incomeistatementi-iCorrectiAnswer-
reportsiaicompany'sirevenueiandiexpensesioverianiintervaliofitime
statementiofistockholdersiequityi-iCorrectiAnswer-
summarizesichangesiiniSEioverianiintervaliofitime
balanceisheeti-iCorrectiAnswer-
presentsitheifinancialipositioniofitheicompanyioniaiparticularidate
, statementioficashiflowsi-iCorrectiAnswer-
measuresiactivitiesiinvolvingicashireceiptsiandipaymentsioverianiinterv
aliofitime
timeiperiodsibyieachifinancialistatementi-iCorrectiAnswer--
IncomeiStatement,iStatementiofiSE,ianditheiStatementiofiCashiFlowsialli
representichangesioveriaiperiodiofitime.iThisiperiodiisiusuallyiaiyear,ibuti
otheriperiodsisuchiasiaimonthicanialsoibeiused.
-
BalanceiSheetishowsitheicurrentibalancesiofitheipermanentiaccountsiati
aipointiinitime.iTheseibalancesicanibeiatianyipoint,ibutiitiisiusuallyitheifin
alibalancesiatitheiendiofiyear.
financialistatementsiareiconnectedi-iCorrectiAnswer-
theieventsithatiareirecordediinioneifinancialistatementiofteniaffectiamo
untsireportediinianother
incomeistatementi->istatementiofiSEi->ibalanceisheeti->icashiflow
whoisetsistandardisettingsi-iCorrectiAnswer--
financialiaccountingistandardsiboardi(FASB):iindependent,iprivateibodyi
thatiisiprimarilyiresponsibleiforiGAAP
-
internationaliaccountingistandardsiboardi(IASB):iinternationalibodyires
ponsibleiforitheiconvergenceiofiaccountingistandardsiworldwide
expandediaccountingi-iCorrectiAnswer-assets=iliabilities+SE
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