Mgt 8803 exam 1 - Study guides, Class notes & Summaries

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 decisions....

3 factors that effect planning of organization - 1) organization level (more heirarchy better with more stability) 2) degree of uncertainty (more uncertain, shorter planning horizon) 3) length of future commitments (planning horizon should be as long as length of longest commitment by management 4 functions of management - 1) planning: business goals 2) organizing: allocating resources 3) leading: coordinating and directing 4) controlling: observe and analyze metrics to ensure completion...

cash - Answer Current Asset (BS) Deferred Revenue - Answer Current Liability (BS) Treasury Stock - Answer Contra-Equity (BS) Cost of Goods Sold - Answer Expense (IS) Interest Expense - Answer Expense (IS) Sales - Answer Revenue (IS) Sales Discounts - Answer Contra-Revenue (IS) Sales Returns - Answer Contra-Revenue (IS)