Accy 200 uiuc - Study guides, Class notes & Summaries

ACCY 200 Exam 1 UIUC Verified A cash equivalent is a current asset that: is readily convertible into cash with a minimal risk. A concept or principle that relates to transactions is: original cost. A credit entry will: increase a liability account. A debit entry will: increase the balance of an expense account. A firm wishing to minimize the amount reported for taxable income and maximize the amount reported as net income in the year in which a new long-term asset is placed in servic...

ACCY 200 Exam 1 UIUC All Answers Correct A credit entry will ️increase a liability account A magazine publisher has an account called "Unearned Subscription Revenue." The transaction that causes the balance of this account to decrease is ️magazines are mailed to subscribers A transaction that is likely to cause an increase in a current liability is ️accrual of interest expense A working capital loan will generally ️not affect working capital Accounting equation: ️Assets =...

The balance sheet equation can be represented by: Answer Assets = Liabilities + Stockholders' Equity. This accounting method accomplishes much of the matching of revenues and expenses? Answer Accrual accounting A fiscal year: Answer is frequently selected based on the firm's operating cycle Expenses are: Answer decreases in net assets resulting from usual operating activities The going concern concept refers to a presumption that: Answer the entity will continue to operate in the f...

The balance sheet equation can be represented by: - Assets = Liabilities + Stockholders' Equity. This accounting method accomplishes much of the matching of revenues and expenses? - Accrual accounting A fiscal year: - is frequently selected based on the firm's operating cycle Expenses are: - decreases in net assets resulting from usual operating activities The going concern concept refers to a presumption that: - the entity will continue to operate in the foreseeable future. A credit e...

The balance sheet equation can be represented by: - Assets = Liabilities + Stockholders' Equity. This accounting method accomplishes much of the matching of revenues and expenses? - Accrual accounting A fiscal year: - is frequently selected based on the firm's operating cycle Expenses are: - decreases in net assets resulting from usual operating activities The going concern concept refers to a presumption that: - the entity will continue to operate in the foreseeable future. A credit e...

UIUC accy 200 EXAM 2 Questions and Answers 100%correct Managerial accounting, as opposed to financial accounting, is primarily concerned with: A) The financial condition of the organization as a whole. B) Meeting the requirements of generally accepted accounting principles. C) Emphasizing the future. D) Providing data for investors and creditors. E) Determining exact results. Emphasizing the future

ACCY 200 Exam 1 UIUC questions Questions and Answers 100%correct The balance sheet equation can be represented by: Assets = Liabilities + Stockholders' Equity. This accounting method accomplishes much of the matching of revenues and expenses? Accrual accounting A fiscal year: is frequently selected based on the firm's operating cycle Expenses are: decreases in net assets resulting from usual operating activities

ACCY 200 EXAM 1 UIUC Questions and Answers 100%correct Revenues are increases in net assets from selling a product Paid-in Capital represents the amount invested in the entity by the stockholders The Statement of Cash Flows shows how cash changed during the period Accrual accounting accomplishes much of the matching of revenues and expenses Stockholders' equity refers to the ownership right of the stockholders of the entity