Acg 2021 Study guides, Class notes & Summaries

When an asset is purchased (or disposed of) at a time other than the beginning or the end of an accounting period, depreciation is recorded for part of a year so that the year of disposal is charged with its share of the asset's depreciation - ANSWER-true Revising an estimate of the useful life or salvage value of a plant asset is referred to as a change in accounting estimate and is reflected in the current and future financial statements. - ANSWER-true the purchase of a property that in...

ACG 2021 Questions and Answers Already Passed Describe the main purpose of accounting. The systematic process of recording, summarizing, and interpreting financial transactions. Identify the key features of financial accounting. Reports crafted for external users. Must adhere to Generally Accepted Accounting Principles (GAAP). Reflects historical financial data. Presents aggregated information. Outline the characteristics of managerial accounting. Information tailored for...

ACG 2021- Final Exam Review Questions with Complete Solutions Which category includes computer programs designed to prevent unauthorized access to certain files? physical safeguards What internal control measures are effective for managing cash outflows? -Utilizing checks with sequential numbers -Keeping blank checks in a secure location -Dividing the responsibility for authorizing and writing checks When reconciling a bank statement, how should deposits that have not yet been r...

ACG 2021 Exam 1; Questions & Answers 100% Pass The entry to adjust for the cost of supplies used during the accounting period is a. debit Supplies Expense; credit Supplies b. debit Stockholders' Equity; credit Supplies c. debit Accounts Payable; credit Supplies d. debit Supplies; credit Stockholders' Equity CORRECT ANSWER-debit Supplies Expense; credit Supplies

ACG 2021 Test #1 Study Guide (Chapter 1 & 2) Latest Update Graded A+ What equation is essential for maintaining balance in accounting records? The equation Assets = Liabilities + Owner's Equity Why are Generally Accepted Accounting Principles (GAAP) important in financial accounting? GAAP ensures that financial information is useful, trustworthy, and consistent. Which organization is responsible for creating International Financial Reporting Standards (IFRS)? The International A...

ACG 2021; Questions & Answers 100% Correct Name the Cash Flows: 1.) Cash receipts from sales 2) Cash payments for inventories 3) Lending to others 4) Cash payments of dividends 5) Cash receipts from dividends 6) Cash receipts from borrowing money 7) Cash payments for inventories 8) Cash receipts from stock 9) Cash payments for salaries 10) Collecting loans 11) Cash payments for longterm assets

ACG 2021 Exam 1 Questions and Answers Already Passed Which document provides a snapshot of a company's assets and liabilities at a specific point in time? A balance sheet, which reports the assets and claims against those assets. What is the fundamental accounting formula? Assets = Liabilities + Equity What does "common stock" represent in financial terms? The total amount contributed by shareholders in exchange for their shares. How is a corporation defined in business ter...

ACG 2021; Questions & Answers 100% Correct Financial Accounting CORRECT ANSWER-1. Measure business activity 2. Communicate measurements to people for decision making Primary external users of financial accounting info CORRECT ANSWER-Investors and creditors Financing Activities CORRECT ANSWER-Involves funding from external sources such as, owners of company who invest their own funds into business and creditors who lend money to the company

ACG 2021- Final Exam Review; Questions & Answers 100% Pass Under which of the following do computer programs that limit unauthorized access to certain files fall? CORRECT ANSWER-physical controls Which of the following is an effective internal control over cash disbursements? CORRECT ANSWER--The use of pre-numbered checks -The storage of blank checks in a secure place -The separation of authorization of checks and the actual writing of the checks

ACG 2021 Test #1 Study Guide (Chapter 1 & 2); Questions & Answers 100% Pass Accounting Equation CORRECT ANSWER-Assets = Liabilities + Owner's Equity MUST BE BALANCED Generally Accepted Accounting Principles (GAAP) CORRECT ANSWER-Financial accounting is governed by concepts and rules known as generally accepted accounting principles (GAAP). GAAP aims to make information relevant, reliable, and comparable.