Acg 2021 exam 2 - Study guides, Class notes & Summaries

ACG 2021 Exam 2 (1).

ACG 2021 Exam 2

Chapter 16 ACG 4111 Exam Questions And Answers 100% Pass. Deferred tax liability - answerIf tax laws allow a company to postpone paying taxes on activities reported in the current period's income statement, the company must report a deferred tax liability because the company anticipates those activities will lead to future taxable amounts. deferred tax asset - answerif tax laws require the company to pay more tax than is indicated by the activities reported in the current period's in...

ACG 2021 Exam -2 (1)

ACG 2021 Exam -2.

ACG 2021 Exam 1_ Chapters 1, 2, & 3 (1)

Expense Recognition Principle match expenses with revenues in the period when the company makes efforts to generate those revenues Periodicity Assumption economic life of businesses can be divided into artificial time periods Revenue and Expense in accordance with generally accepted accounting principles Revenue Recognition Principle revenue organized in the accounting period in which the performance obligation is satisfied Accrual-Basis Accounting -transactions recorded in the periods in wh...

Cost of Goods Sold First on the income statement (Sales Revenue - Cost of Goods Sold = Gross Profit) Beginning Inventory + Purchases - Ending Inventory Advantages to Perpetual Inventory System Very detailed records of the cost of each item in inventory purchase and sale. Continuously shows inventory that should be on hand at any time. Better control over the inventories than a periodic system. Company knows/determines the cost of goods sold each time a sale occurs. Calculation of Cost of Goods...

ACG 2021 Exam 1 Chapters 1, 2, & 3.

Chapter 16 ACG 4111 Exam Study Guide deferred tax liability - ANSWER-If tax laws allow a company to postpone paying taxes on activities reported in the current period's income statement, the company must report a deferred tax liability because the company anticipates those activities will lead to future taxable amounts. deferred tax asset - ANSWER-if tax laws require the company to pay more tax than is indicated by the activities reported in the current period's income statement, the ...