Wsu accounting 230 - Study guides, Class notes & Summaries

Accounting 230 WSU Final Exam Questions with 100% Correct Answers | Verified | Latest Update

WSU Accounting 230 Exam Questions With Correct Answers Two primary functions of financial accounting - answer1) Measure business transactions 2) Communicate those measurements to people to make decisions Three objectives of financial accounting - answer1) Measure the relevant transactions of a company 2) Communicate these business activities to outside to company 3) GAAP - answerThe rules of financial accounting in the US set by FASB Three types of business activites - answer1) Operatin...

WSU Accounting 230 Exam 3 Questions With Correct Answers Recording an expenditure as an asset if it increases future benefits; if it only increase benefits during the current period then we label it as an expense. - answerWhat does the term "capitalize" mean? Land, land improvements, buildings, equipment, and natural resources. - answerWhat is included in Plant, Property, and Equipment? The long term asset at its cost, plus all expenditures necessary to prepare the asset for use. - ...

WSU Accounting 230 Exam 1 Study Guide. Accounting Equation - answerAssets = Liabilities + Equity Assets - answerMoney and other valuables belonging to an individual or business. Liabilities - answerDebts that you owe Stockholders' Equity - answerThe owners' claim to assets. Common Stock and Retained Earnings Dividends - answerEarnings distributed to stockholders Financing Activities - answerIncludes cash transactions resulting from the external financing of a business. Creditors t...

What are operating activities? - correct answer Transactions related to the primary operations of the company; providing products to customers, utilities, taxes, advertising, wages, rent, and maintenance. What are financing activities? - correct answer Transactions involving external sources of funding. Creditors that loan money. What are investing activities? - correct answer Purchase and sale of long-term investments; land, buildings, equipment, and machinery. How do you calcula...

WSU ACCTG 230 Exam 1 SET TEST QUESTIONS AND CORRECT ANSWERS Already Passed Which of the following represents a resource of the company? 1.Liability 2.Asset. 3.Dividend. 4. Expense. - ANSWER : Asset Financial accounting information is essential to: Marketing the company's products to customers. Making good business decisions. Quality of the work environment for employees. Paying the appropriate amount of taxes. - ANSWER : Making good business decisions. Which financial statemen...

ACCTG 230 WSU Final Exam Questions with 100% Correct Answers | Verified | Latest Update

ACCTG 230 WSU EXAM 1 SET TEST QUESTIONS AND CORRECT ANSWERS Already Passed Investing activities - ANSWER : Purchase of land,, purchases or sales of fixed assets such as equipment and real estate Financial Accounting - ANSWER : Measuring a company's business activities and communicating those measurements to external parties. Financing activity - ANSWER : Activity that creates cash inflows or outflows through the obtaining or repaying of borrowed or invested funds. Balance...

WSU ACCTG 230 Exam 1 Questions With 100% Correct Answers