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Describe the function and primary focus of financial accounting - PRIMARY OBJECTIVE: to provide investors and creditors with useful information for decision making -provides information to predict the future risk and potential return of their prospective investments or loans -"Special" language used to communicate financial information to help people inside and outside of the business to make decisions -provides useful information about economic activity to help produce more good decisio...

For a liability to exist, - a past transaction or event must have occurred. Kenwood Co. neglected to amortize the premium on outstanding ten-year bonds payable. What is the effect of the failure to record premium amortization on interest expense and bond carrying value, respectively? - Overstate; overstate Bond discount should be presented in the financial statements of the issuer as a(n) - contra liability Any gains or losses from the early extinguishment of debt should be - recognized in...

Describe the function and primary focus of financial accounting - PRIMARY OBJECTIVE: to provide investors and creditors with useful information for decision making -provides information to predict the future risk and potential return of their prospective investments or loans -"Special" language used to communicate financial information to help people inside and outside of the business to make decisions -provides useful information about economic activity to help produce more good decisio...

financial reporting - process of providing this information to external users capital markets - as a composite of all investors and creditors, helps our economy allocate resources cash basis accounting - measurement of cash receipts and cash payments from transactions related to providing goods and services, difference is net operating cash flow, only accounts for the cash flow/inflow when it is happens accrual basis accounting - measurement of revenues and expenses, regardless of when cas...

Which of the following would be more likely in multiple step income statement: 1. Total Expenses 2. Total Revenues & Gains 3. Operating Income - Operating Income is most likely found in a multiple step income statement Item typically included in the income from continuing operations section of the income statement is: 1. Discontinued operations 2. Restructuring costs 3. Prior period adjustment - Restructuring costs are typically included in income from continuing operations The applic...

Financial - Financial statements used both externally and internally Managerial - For management to plan, control, evaluate Objective of Financial Reporting - Provide financial info about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors in decisions about providing resources to the entity general-purpose financial statements - most useful at least cost entity perspective - company is separate and distinct form owners decision usef...

Arises from peripheral or incidental transactions (ch2) - Gains;Losses Obligation to transfer resources arising from a past transaction (ch2) - Liabilities Increases ownership interest (ch2) - Investments by Owners; Comprehensive Income Declares and pays cash dividends to owners (ch2) - Distributions to Owners Increases in net assets in a period from non owner sources (ch2) - Comprehensive Income Items characterized by service potential or future economic benefit (ch2) - Assets Equals incr...

What essential information should you get from a client before you begin a project? - Client's business, purpose, audience, and audience needs What is intellectual property? - A work that is the result of creativity Which circumstances would you need to obtain permission before using an image? 1. If the image has a copyright notice. 2. If the image does not have a copyright notice. 3. If the image is marked as fair use. 4. If you purchase the image from a royalty-free website. 5. If you...

How would you navigate between multiple artboards using the Artboards panel? A. Click the Artboard Options icon. B. Click the arrows at the bottom of the panel. C. Double-click the name of the artboard. D. Double-click the number of the artboard. - Answer: D You notice using Pixel Preview that the edges of some objects appear fuzzy. How should you identify these objects? A. Choose Select > Same > Appearance B. Choose Select > Object > Not Aligned To Pixel Grid C. Choose Sele...

You create a group of overlapping objects and apply the Multiply Blend mode to the group. What must you do to prevent objects within the group from multiplying with each other? - Turn on Knockout Group From which of the following panels can you add multiple fills and strokes to an object? - Appearance panel You are using Area Text with the Paragraph option set to Adobe Single-line Composer. Your text is aligned left, which of the following will you adjust to increase white space allowed at...