Acct 303 final exam - Study guides, Class notes & Summaries

Acct 303 Final Exam Clemson Key Guide 2024 with complete solution Financial Accounting - Answer ️️ -External users, such as banks creditors, investors; reports results of past activities Management Accounting - Answer ️️ -Primarily internal users; broader than cost acct; internal decision making; future oriented Cost Accounting - Answer ️️ -Product costing (more focused than management acct); future oriented; internal users Cost acct standards - Answer ️️ -Not parallel to...

The usual sequence of steps in the recording process is to analyze -> journal -> ledger. If total liabilities decreased by $4000, then as total asset =liability +equity in order to balance either asset should decrease or equity should increase. A credit is not the normal balance for which account listed below? Dividends account The final step in the recording process is to transfer the journal information to the ledger During January 2022, Carey Services Inc. paid a cash dividends of $...

Financial Accounting External users, such as banks creditors, investors; reports results of past activities Management Accounting Primarily internal users; broader than cost acct; internal decision making; future oriented Cost Accounting Product costing (more focused than management acct); future oriented; internal users Cost acct standards Not parallel to GAAP; only with respect to gov't contracts Mission Statement What do we want to do, what do we want to accomplish as a company St...

Financial Accounting External users, such as banks creditors, investors; reports results of past activities Management Accounting Primarily internal users; broader than cost acct; internal decision making; future oriented Cost Accounting Product costing (more focused than management acct); future oriented; internal users Cost acct standards Not parallel to GAAP; only with respect to gov't contracts Mission Statement What do we want to do, what do we want to accomplish as a company St...

Financial Accounting External users, such as banks creditors, investors; reports results of past activities Management Accounting Primarily internal users; broader than cost acct; internal decision making; future oriented Cost Accounting Product costing (more focused than management acct); future oriented; internal users Cost acct standards Not parallel to GAAP; only with respect to gov't contracts Mission Statement What do we want to do, what do we want to accomplish as a company St...