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ACCT 2010: EXAM 1
Investing and credit decisions |
The primary focus for financial accounting information is to provide information useful for
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Assets = Liabilities + Owners' Equity |
The accounting equation is defined as
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Corporation |
The form of business organization that is legally separate from its owners is a
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Investing activity |
A company purchases a delivery truck to better serve its customers.
This purchase is classified as what type of activity?
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Limited liability |
Stockholders of a corporation are not obligated to pay the corporation's debts out of their own pocket.
What is this called?
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International Financial Reporting Standards |
IFRS stands for
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Beginning earnings -Dividends +Net income |
What is the formula for finding ending retained earnings balance?
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Income statement |
Revenues are shown in which statement?
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Going concern assumption |
The assumption that a business can continue to remain in operation into the future is the
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Unearned revenue |
Receiving cash from customers before services are performed results in
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Assets and Stockholders' equity |
Revenue increases what in the accounting equation
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Increase assets and increase liabilities |
Purchasing office supplies on account will
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Debit and Income Statement |
Expenses normally carry a _____ balance
and are shown in the ________
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Make it easier for investors to compare companies from different countries |
One motivation for reducing differences in accounting practices across countries is to
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Credit and Balance Sheet |
Liabilities normally carry a _____ balance
and are shown in the _________
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Debit accounts receivable and Credit service revenue |
If a company performs services to be billed to the customer, how would the transaction be recorded?
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Debit utilities expense Credit cash |
When a company pays utilities in cash the transaction is recorded as . . .
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Revenue Recognition Practices |
One item between US GAAP and IFRS that could change dramatically is
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Debit Cash Credit Unearned Revenue |
... |