Accounting estimate - Study guides, Class notes & Summaries

WGU C213 Final Exam (verified answers 2022)Order of assets listed on the balance sheet Assets are listed in the order of liquidity. Liquidity is the amount of time it would usually take to covert an asset into cash. Obviously, cash would be listed first, followed by marketable investments (a company can quickly convert a short-term investment into cash). Accounts receivable would be listed next followed by inventory, and long-term investments, fixed assets, and intangibles. Current assets ...

While filling out a survey, a respondent comes across a statement that reads "This survey is almost complete. There are only a few questions left." This statement is an example of a(n) - ANS: transition phrase. On a survey, a student comes across a question that asks "To what extent did you find marketing and accounting courses useful?" This question is (most closely) an example of a(n) - ANS: double-barreled question. ________ are open-ended questions that enable respondents t...

1. A records inventory cannot succeed without ______ and the cooperation of individual program units. a. Accounting support b. Top management support c. Marketing d. Confidential destruction e. Outside directives Correct Answer-B 2. The records inventory project can be accomplished by internal RIM staff, departmental staff or: a. Auditors b. Corporate attorneys c. Outside consultants d. Marketing e. Human resources Correct Answer-C 3. Before the records inventory project begins i...

bookkeeping - ANS day to day keeping of transactions steps of decision making - ANS identify issue gather information identify alternatives select option that most likely results in desired objective accounting - ANS analysis of events record and report financial effects of business activities where does capital come from (3) - ANS investors creditors(lenders) business itself (from earnings retained) 2 main types of accounting - ANS financial and managerial manager...

Chapter 3 The Balance Sheet and Financial Disclosures True/False Questions 1. The balance sheet reports a company's financial position at a point in time. Answer: True Level of Learning: 1 Easy Learning Objective: 03-01 Topic Area: Balance sheet–Usefulness-Limits-Elements Blooms: Remember AACSB: Reflective thinking AICPA: BB Critical thinking AICPA: FN Measurement 2. A company’s market value is generally less than its book value. Answer: False Level of Learning: 1 Easy Learning...

what is the industry term used to describe the sum of prices paid by a business's customers? -daily receipts -profit -profits less expenses -total revenues -total revenues historically, what concept have hospitality managers chiefly used to calculate their selling prices? -income -revenue -costs -profits -costs what is an algebraic equivalent of the formula: sales=costs+profit? -profit=sales-costs -costs=sales+profits -costs=profit-sales -prof...

What is loss development? - answer>>The increase or decrease of incurred losses over time. How are loss reserves handled on financial statements? - answer>>They are liabilities on the balance sheet. What is the purpose of loss reserves? - answer>>To estimate the liability for losses that have occurred but have not yet been settled. What best describes the reserves a reinsurer must have? - answer>>Amounts obligated in the future to pay primary insurers. When account...

bookkeeping correct answers day to day keeping of transcations steps of decision making correct answers identify issue gather information identify alternatives select option that most likely results in desired objective accounting correct answers analysis of events record and report financial effects of business activities where does capital come from (3) correct answers investors creditors(lenders) business itself (from earnings retained) 2 main types of accounting correct ans...

5 basic assertions of accounting - Answer--complete, valuation, existence, ownership, classification, described and disclosed Required accounting criteria from a set of rules or requirements: - Answer--understandability, relevance, reliability, comparability/consistency, lack of bias, and cost-benefit effectiveness Understandability Criteria - Answer--Must be transparent, intelligible, and clearly disclosed Relevance Criteria - Answer--Must be timely, have predictive value, provide useful f...

bookkeeping - Answer-day to day keeping of transcations steps of decision making - Answer-identify issue gather information identify alternatives select option that most likely results in desired objective accounting - Answer-analysis of events record and report financial effects of business activities where does capital come from (3) - Answer-investors creditors(lenders) business itself (from earnings retained) 2 main types of accounting - Answer-financial and managerial managerial a...