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ACCT 200 assumptions

Identify the accounting assumption, principle or constraint

What is the rationale for why plant assets are not reported at liquidation value The Going Concern Assumption
Indicates that personal and business record-keeping should be separately maintained Economic entity assumption
Ensures that all relevant information is reported Full Disclosure Principle
Assumes that the dollar is the "measuring stick" used to report on financial performance. Monetary unit assumption
Requires that accounting standards be followed for all items of significant size. Materiality
Requires recognition of expenses in the same period as related revenues Expense recognition principle
Indicates that fair value changes subsequent to purchase are not recorded in the accounts Historical Cost Principle
List three different types of business activities Financing, Operating, Investing
Give an example of financing Issuing Common Stock Paying Dividends Borrowing Money (Notes Payable, Bonds Payable, etc.) Repaying Loans
Give an example of Investing Purchasing Equipment Purchasing land Selling investment securities selling a building
Give an example of Operating Revenues: Sales of products or services Receipt of interest income Expenses: Payment of wages payment of selling expenses payment of interest expense
What are the four financial statements? Income Statement Statement of Retained Earnings Balance Sheet Statement of Cash Flows
What is the purpose of an Income Statement and who are the primary users? Represents revenues an expenses for a period of time
What is the purpose of a Statement of Retained Earning's and who are the primary users Shows the amounts and causes of changes in retained earning during the period
What is the purpose of a Balance Sheet and who are the primary users? Reports assets and claims at a specific point in time
What is the purpose of Statement of Cash Flows and who are their primary users? Provides financial information about the cash receipts and cash payments of a business for a specific period of time
What is the accounting equation? Assets= Liabilities + Stockholders' Equity
What does Debit mean? What does credit mean? Debit means "on the left" and is abbreviated Dr. Credit mean "on the right" and is abbreviated Cr.
Created by: Cjaner