Ivy Tech-Bloomington, book: Financial Accounting
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| Who are the users of Financial Accounting information? | show 🗑
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| show | IRS, SEC (US Securities & Exchange Commission, State Department of Revenue.
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| show | Generally Accepted Accounting Principles
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| Who establishes the GAAP? | show 🗑
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| What characteristic of financial information means the information must be readily understandable to users of the financial statements? | show 🗑
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| show | Relevance
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| show | Reliability
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| What characteristic of financial information means the information must be comparable to the financial information presented for other accounting periods, so that users can identify trends in the performance and the financial position? | show 🗑
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| What characteristic of financial information is a concept or convention within auditing and accounting relating to the importance/significance of an amount, transaction, or discrepancy. | show 🗑
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| What are the 5 qualitative characteristics of financial information? | show 🗑
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| show | Assets = Liabilities + Owner's Equity
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| To calculate Retained Earnings: Beg R/E + Net Income/- Net Loss -_____________ =Ending Retained Earnings | show 🗑
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| Which 2 financial statements does net income appear? | show 🗑
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| Name the 3 sections of the Statement of Cash Flows. | show 🗑
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| A record of an economic/financial event on a business that can be reliably measured. | show 🗑
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| How does income statement data appear under the Retained Earnings classification? | show 🗑
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| Define the balance in an account. | show 🗑
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| How many accounts can a journal entry have? | show 🗑
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| Does accrual accounting record CASH transactions as well as NON-CASH transactions? | show 🗑
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| show | Internal Control
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| show | Cost Principle
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| What are the 2 main components of Stockholder's Equity? | show 🗑
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| At least one account is debited and at least one account is debited is the definition of ________________. | show 🗑
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| An accounting period ending other than December 31. | show 🗑
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| What kind of entry is prepared at the end of the accounting period to update certain accounts? | show 🗑
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| What are 3 basic categories of adjusting entries? | show 🗑
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| What is the purpose of a closing entry? | show 🗑
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| How do you compute the Current Ratio? | show 🗑
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| What are the 3 main components of a fraud triangle? | show 🗑
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