Mgt 8803 accounting Study guides, Class notes & Summaries
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Financial Accounting Module 1| 200 QUESTIONS| WITH COMPLETE SOLUTIONS
- Exam (elaborations) • 17 pages • 2023
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What two things does financial accounting consist of correct answer: measuring and reporting 
 
What forms of businesses do we measure and report for? correct answer: Proprietorship, partnership, corporation 
 
What are separates a proprietorship and a partnership from a corporation correct answer: the owners and the businesses are the same entity 
 
What does unlimited liability mean? correct answer: Unlimited liability means that sole proprietors and general partners must pay all debts and...
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MGT8803 - Financial Accounting Exam Latest Update
- Exam (elaborations) • 6 pages • 2023
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MGT8803 - Financial Accounting Exam Latest Update...
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MGT 8803 FINAL EXAM ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+
- Exam (elaborations) • 9 pages • 2023
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MGT 8803 FINAL EXAM ACTUAL 
EXAM QUESTIONS AND CORRECT 
DETAILED ANSWERS WITH 
RATIONALES (VERIFIED ANSWERS) 
|ALREADY GRADED A+ 
What are the (5) assumptions of financial accounting? - ANSWER- 1. Separate entity 
2. Unit of measurement 
3. Going concern 
4. Periodicity 
5. Materiality 
What does materiality mean? - ANSWER- The only information that needs to be 
disclosed in financial statements is information that will be useful for those who rely on 
the financial statements to make deci...
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MGT 8803 Financial Accounting questions with complete solutions
- Exam (elaborations) • 8 pages • 2023
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Proprietorship correct answer: Single Owner; unlimited liability & no taxation 
 
Partnership correct answer: More than one owner; unlimited liability & no taxation 
 
Corporation correct answer: A business owned by stockholders (shareholders -> board of directors --> top managers); limited liability & taxation 
 
Publicly traded or privately held 
 
Assumptions of Financial Accounting correct answer: Separate entity, unit of measurement, going concern, periodicity, materiality 
 
Goin...
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MGT 8803 - Accounting - Module 1 QUESTIONS WITH COMPLETE SOLUTIONS
- Exam (elaborations) • 5 pages • 2023
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What are the three forms of business? correct answer: Proprietorship, partnership, and corporations 
 
A proprietorship/partnership has limited liability? correct answer: False 
 
What are the accounting assumptions? correct answer: Separate entity, consistent unit of measurement (currency), going concern, periodicity, and materiality 
 
Materiality correct answer: only information that would influence the decisions of a reliant party need be disclosed 
 
Periodicity correct answer: presume...
And that's how you make extra money
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MGT 8803 Week 1(Introduction to Financial Accounting) questions with complete solutions
- Exam (elaborations) • 6 pages • 2023
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A business owned by a single owner correct answer: proprietorship 
 
A business owned by more than one owner correct answer: partnership 
 
In ___ & ___, the business and the owner(s) are legally one entity - there is unlimited liability and no taxation. correct answer: proprietorship and partnership 
 
What does unlimited liability mean? correct answer: The obligations of the business are the same as the obligations of the owners; i.e., a bank can go after the owners if the business default...
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MGT 8803 GTx OMSA Financial Accounting - Basic Understanding of FA
- Exam (elaborations) • 4 pages • 2023
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Balance Sheet correct answer: A financial statement that reports assets, liabilities, and owner's equity on a specific date. 
 
Income Statement correct answer: A financial statement showing the revenue and expenses for a fiscal period. 
 
What is net income? correct answer: Revenues - Expenses 
 
What is net income also called? correct answer: Profit or "the bottom line" 
 
What is equity source? correct answer: Amount provided by the owner. 
 
What are liabilities? correct answer: Amo...
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MGT 8803 GTx OMSA Financial Accounting - Basic Understanding of FA 2023 passed
- Exam (elaborations) • 6 pages • 2023
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MGT 8803 GTx OMSA Financial Accounting - Basic Understanding of FA
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MGT 8803 FINAL EXAM ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+
- Exam (elaborations) • 9 pages • 2024
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MGT 8803 FINAL EXAM ACTUAL 
EXAM QUESTIONS AND CORRECT 
DETAILED ANSWERS WITH 
RATIONALES (VERIFIED ANSWERS) 
|ALREADY GRADED A+ 
What are the (5) assumptions of financial accounting? - ANSWER- 1. Separate entity 
2. Unit of measurement 
3. Going concern 
4. Periodicity 
5. Materiality 
What does materiality mean? - ANSWER- The only information that needs to be 
disclosed in financial statements is information that will be useful for those who rely on 
the financial statements to make deci...
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Georgia Tech OMSA Accounting Part for Business Fundamentals MGT 8803 (Fundamentals for Business Analytics) questions with complete solutions
- Exam (elaborations) • 4 pages • 2023
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Which one of the following is reported on the Balance Sheet at current market value? 
 
 
a) Accounts Receivable 
b) Buildings 
c) Treasury Stock 
d) Land 
e) Marketable Securities correct answer: e) Marketable Securities 
 
The form of business organization that is legally separate from its owners is a: correct answer: Corporation 
 
A clean financial statement audit opinion will state that the financial statements are guaranteed to be accurate... TRUE OR FALSE? correct answer: FALSE 
 
Acco...
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