Accounting 101 final exam - Study guides, Class notes & Summaries

Accounting 101 Final Exam Ivy Tech 2024 Questions With Complete Solutions

What is the primary responsibility of FASB? Correct Answer-Developing GAAP What is the accounting equation? Correct Answer-Assets=Liability+Equity What is the definition of revenue? Correct Answer-Money earned from providing a product or service Is CoGS an expense? Correct Answer-Yes What is the primary objective of financial reporting? Correct Answer-To provide info for decision making What accounts are on the balance sheet? Correct Answer-Assets, liabilities, equity What acco...

What is accounting? - Correct answer-the action or process of keeping financial accounts revenues - Correct answer-inflows of assets resulting from the sale of goods and services expenses - Correct answer-outflow of assets resulting from the sale of goods and services internal user - Correct answer-managerial accounting external user - Correct answer-financial accounting who is responsible for GAAP - Correct answer-FASB accounting equation - Correct answer-assets = liabilities + owners ...

Accounting 101 Final Exam Study Guide Questions With Complete Solutions

What is accounting? correct answers the action or process of keeping financial accounts revenues correct answers inflows of assets resulting from the sale of goods and services expenses correct answers outflow of assets resulting from the sale of goods and services internal user correct answers managerial accounting external user correct answers financial accounting who is responsible for GAAP correct answers FASB accounting equation correct answers assets = liabilities + owner...

Revenues Correct Answer-assets received from selling good and services Expenses Correct Answer-the cost associated with doing business Financial Accounting Standards Board (FASB) Correct Answer-The organization primarily responsible for evaluating, setting, or modifying GAAP. Accounting Equation Correct Answer-Assets = Liabilities + Equity Primary objective of financial reporting Correct Answer-Provide information for decision making Income Statement Correct Answer-A financial sta...

Ivy Tech Accounting 101 Final Exam Study Guide Questions With Complete Solutions

Accounting 101 Final Exam Study Guide 2022-23 Questions with Correct Answers |100% Verified

Accounting 101 Final Exam Ivy Tech Questions with Complete Solutions.

What is the primary responsibility of FASB? - Answer-Developing GAAP What is the accounting equation? - Answer-Assets=Liability+Equity What is the definition of revenue? - Answer-Money earned from providing a product or service Is CoGS an expense? - Answer-Yes What is the primary objective of financial reporting? - Answer-To provide info for decision making What accounts are on the balance sheet? - Answer-Assets, liabilities, equity What accounts are on the income statement? - Answer-Reven...