Acct 2010 exam 1 - Study guides, Class notes & Summaries

An organization's investors and creditors will primarily use information provided by: a. the organization's financial accounting system. b. the organization's managerial accounting system. c. the Internal Revenue Service. d. the Financial Accounting Standards Board a. the organization's financial accounting system. The primary objective of financial reporting is to provide information: a. useful for making investment and credit decisions. b. on the cash flows of a company. c. about the pr...

What are financial statements? business documents companies use to report the results of their activities to people and groups Basic financial statements income statement, statement of retained earnings, balance sheet, statement of cash flows What does the word net refer to in accounting an amount after a subtraction What is net income or profit excess of revenues over expenses (rev - expenses= net income) Where do you find net sales? income statement _________ is an information system that...

Clemson ACCT 2010 - Grant - Final Exam Set - Chapters 1-4 & 11-13 with verified solutions

Mortgage Agent Final Exam Practice Questions with 100% Correct Answers 2023/2024. What information must be in a Job Letter for it to be acceptable to a Lender? - ANSWER It should be on company letterhead, have the company address and contact information, list the Borrower's position, income, how it is paid (i.e. salary or hourly), the frequency of payment (i.e. weekly), if the person is full or part-time and/or on probation, the start date and the writer's information and contact informat...

ACCT 2101 Final Exam Study Guide Chapters 1 – 12 Chapter 1 1. The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) a. account payable. b. account receivable. c. revenue. d. expense. 2. The right to receive money in the future is called a(n) a. account payable. b. account receivable. c. liability. d. revenue. 3. Borrowing money is an example of a(n) a. delivering activity. b. financing activity. c. inves...

Pros and Cons of Extending Credit Advantage: 1. Increases the seller's revenues Disadvantages: 1. increase wage cost 2. bad debt cost 3. delayed receipt of cash Journal entry at time of sale (record sales on account) debit accounts receivables and credit sales revenues Journal entry to record estimate of bad debts debit bad debt expense and credit allowance for doubtful accounts Journal entry for when bad debt is known debit allowance for doubtful accounts and credit accounts receivable Ac...

NMLS Questions and Answers Latest Updated 2022 Graded A Document Content and Description Below NMLS Questions and Answers Latest Updated 2022 Graded A Acceleration Clause Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lendin g) Alienation Clause (Due on Sale Clause) Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC home valuation code of c...

NMLS Questions with accurate answers, 2022/2023 updates, Graded A. Document Content and Description Below NMLS Questions with accurate answers, 2022/2023 updates, Graded A. Acceleration Clause - Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed a s predatory lending) Alienation Clause (Due on Sale Clause) - Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVC...

Acceleration Clause Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC home valuation code of conduct Due on Demand Clause (Considered a predatory practice) The lender can demand repayment of the loan in full at anytime for ...

ACCT 3332 Final Exam 2022 with complete solution P. Chang & Co. exchanged land and $9,000 cash for equipment. The book value and the fair value of the land were $106,000 and $90,000, respectively. Chang would record equipment at and record a gain/(loss) of: Equipment Gain (loss) $99,000 $(16,000) $90,000 $(25,000) $108,000 $16,000 $106,000 $(9,000) -Answer- $99,000 $(16,000) Kross Co. exchanged land and $18,000 cash for equipment. The book value and the fair value of the land were $...