Afm 101 exam Study guides, Class notes & Summaries

What is the normal form of the accounting equation? Assets = Liabilities + Owners Equity Define 'Asset' Anything the company owns and is not mortgaged/ loaned What is an example of an asset? Paid for stock Define 'liability' Anything that is owed to other people/ businesses What is an example of a liability? Bank loan/ mortgage What is another way to write the accounting equation? Owner's Equity = Assets - Liabilities Define equity What is le...

AFM 101 Final exam 2024 with 100% correct answers Four financial statements in order - answerincome statement, retained earnings statement, balance sheet, statement of cash flows Financial Accounting - answerFor internal and external use Management Accounting - answerOnly used internally General Accepted Accounting Principles (GAAP) - answerthe common set of standards and procedures by which audited financial statements are prepared International Financial Reporting Standards (IFRS) - an...

Four financial statements in order - Correct answer-income statement, retained earnings statement, balance sheet, statement of cash flows Financial Accounting - Correct answer-For internal and external use Management Accounting - Correct answer-Only used internally General Accepted Accounting Principles (GAAP) - Correct answer-the common set of standards and procedures by which audited financial statements are prepared International Financial Reporting Standards (IFRS) - Correct answer-Use...

Four financial statements in order - ANSWER-income statement, retained earnings statement, balance sheet, statement of cash flows Financial Accounting - ANSWER-For internal and external use Management Accounting - ANSWER-Only used internally General Accepted Accounting Principles (GAAP) - ANSWER-the common set of standards and procedures by which audited financial statements are prepared International Financial Reporting Standards (IFRS) - ANSWER-Used by public enterprise Propriet...

Four financial statements in order income statement, retained earnings statement, balance sheet, statement of cash flows Financial Accounting For internal and external use Management Accounting Only used internally General Accepted Accounting Principles (GAAP) the common set of standards and procedures by which audited financial statements are prepared International Financial Reporting Standards (IFRS) Used by public enterprise Proprietorship A business o...

Accounting - ANSWER-an information system that measures & records business activities, processes data into reports & reports results to decision makers Accounting equation - ANSWER-Assets = Liabilities + Owner's Equity. Provides the foundation for the double-entry method of accounting Accounting Standards for Private Enterprises - ANSWER-Canadian accounting standards that specify the generally accepted accounting principles applicable to private enterprises that are required to follow GAA...

Current Radio (in formula sheet) - ANSWER-- current asset / current liabilities - analyses if the company currently have the resources to pay its short-term debt - A high ratio normally suggests good liquidity, but too high a ratio suggests inefficient use of resources. Total Asset Turnover Ratio (in formula sheet) - ANSWER-- Sales (or Operating) Revenue / Average Total Assets - for Average total assets: (Beginning total assets + ending total assets) / 2 - the ratio is an excellent me...

F5 101 100 Exam B Questions And Answers With Latest Solutions What does HTTP status code 500 mean? Correct Answer: A. Service unavailable B. Internal server error ### C. Gateway timeout D. Bad gateway An administrator wants to insert per-session data in a users browser so that user requests are directed to the same session. Which session persistence method should the administrator use? Correct Answer: A. SSL persistence B. Source address persistence C. Destination address persistence ...