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Indicate which accounts should be debited and credited. Purchased inventory for cash. - Debit inventory, credit cash Indicate which accounts should be debited and credited. Paid a cash dividend. - Debit Retained earnings, credit cash Indicate which accounts should be debited and credited. Paid rent for the next three months. - Debit Prepaid rent, credit cash Indicate which accounts should be debited and credited. Sold goods to customers on account. (To record sale of goods to customers.) ...

General purpose external financial reporting of a corporation focuses primarily on the needs of which of the following users? - Investors and creditors and their advisors. Which of the following statements best describes an operating procedure for issuing FASB Accounting Standards Update? - An Accounting Standards Update is issued only after a majority vote by the members of the FASB Which of the following is true regarding the comparison of managerial to financial accounting - Managerial ...

What is GAAP? - Standards by which accounting info is prepared and presented to external users. (FASB is source for GAAP through Accounting Standards Codification) What are the means of Financial Reporting except Financial Statements? - To provide financial information about the reporting entity that is useful to present/potential equity investors, lenders, and other creditors in making decisions in their capacity as capital providers (can be done through President's letter, prospectuses, ...

GAAP (Generally Accepted Accounting Principles) - A common set of accounting standards and procedures are called IRFS includes both International Reporting Standards and International Accounting Standards - TRUE International Financial Reporting Standards preceded International Accounting Standards - TRUE The standard-setting structure used by the International Accounting Standards Board is very similar to that used by the Financial Accounting Standards Board. - TRUE The rules-based stan...

Essential characteristics of accounting - the identification, measurement, and communication of financial information about economic entities to interested parties Financial accounting - prep financial reports on entity for internal and external parties Managerial accounting - identify, measure, analyze financial info needed by management to plan, control, and evaluate comp operations What are examples of financial reporting other than financial statements, why are they used - Presidents l...

The process that culminates in the preparation of financial reports on the enterprise for use by both internal and external parties - Financial accounting The process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, control, and evaluate a company's operations - Managerial accounting What are the 4 types of financial statements? - 1. Balance sheet 2. Income statement 3. Statement of cash flows 4. Statement of owners or stockhold...

The accounting standards power was first given to.... a. Accounting Principles Board b. Financial Accounting Standards Board c. The Committee on Accounting Procedure d. FASB Accounting Standards Codification - c The FASB Accounting Standards Codification - July 2009, is: a. the international accounting standard setter, establishing IFRS which are required in roughly 130 countries b. an electronic database that integrates and topically organizes US GAAP into one coherent body of literatu...

Collects and processes transaction data and then disseminates the financial information to interested parties. - Accounting Information System Expenses incurred but not yet paid in cash or recorded. - Accrued Expenses The trial balance taken immediately after all adjustments have been posted. - Adjusted Trial Balance Entry made at the end of an accounting period to bring all accounts up to date on an accrual basis, so that the company can prepare correct financial statements. - Adjusting E...

The balance sheet, the income statement, the statement of cash flows, and the statement of owners' or stockholders' equity. - What are the four main financial statements? Accounting provides relevant, reliable, and timely information to managers, investors, and creditors to allow resource allocation to the most efficient enterprises. Accounting also provides measurements of efficiency and financial soundness. - How does accounting assist in the efficient use of scarce resources? Financia...

1. Summary of Learning Objectives Identify the major financial statements and other means of financial reporting - Companies most frequently provide (l) the balance sheet, (2) the income statement, (3) the statement of cash flows, and (4) the statement of owners' or stockholders' equity. financial accounting - The accounting process that culminates in the preparation of financial reports for use by both internal and external parties. (p. 4). financial statements - The principal means thr...