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ACC 300 Exam1

QuestionAnswer
The primary objective of financial reporting is to provide information: useful to capital providers
Statements of Financial Accounting Concepts issued by the FASB: identify the conceptual framework within which accounting standards are developed
In general, revenue is recognized when: a good or service has been delivered to a customer.
In depreciating the cost of an asset, accountants are most concerned with: recognizing expense in the appropriate period.
The primary objective of expense recognition is to: record expenses in the period that related revenues are recognized
Predictive value Information is useful in predicting the future.
Relevance Pertinent to the decision at hand.
Timeliness Information is available prior to the decision
Distribution to owners Decreases in equity resulting from transfers to owners
Confirmatory value Information confirms expectations.
Understandability Users understand the information in the context of the decision being made
Gain Increases in equity from peripheral or incidental transactions of an entity
Faithful representation Agreement between a measure and the phenomenon it purports to represent
Comprehensive income The change in equity from nonowner transactions
Materiality Concerns the relative size of an item and its effect on decisions.
Comparability Important for making interfirm comparisons.
Neutrality The absence of bias
Recognition The process of admitting information into financial statements
Consistency Applying the same accounting practices over time
Cost effectiveness Requires consideration of the costs and value of information
Verifiability Implies consensus among different measurers.
Source documents j. Used to identify and process external transactions.selected answer correct
transaction analysis e. Determine the dual effect on the accounting equation.selected answer correct
Journal a. Record of the dual effect of a transaction in debit/credit form.selected answer correct
Posting i. Transferring balances from the journal to the ledger.selected answer correct
Unadjusted trial balance f. List of accounts and their balances before recording adjusting entries.
Adjusting entries b. Updates to account balances recorded at the end of a reporting period.selected answer correct
Adjusted trial balance h. List of accounts and their balances after recording adjusting entries.selected answer correct
Financial statements c. Primary means of disseminating information to external decision makers.selected answer correct
Closing entries d. To zero out the temporary accounts.selected answer correct
Post-closing trial balance g. List of accounts and their balances after recording closing entries.
Created by: user-1924923
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