Accounting 101 final exam Study guides, Class notes & Summaries

Accounting 101 Final Exam Ivy Tech 2024 Questions With Complete Solutions

What is accounting? - Correct answer-the action or process of keeping financial accounts revenues - Correct answer-inflows of assets resulting from the sale of goods and services expenses - Correct answer-outflow of assets resulting from the sale of goods and services internal user - Correct answer-managerial accounting external user - Correct answer-financial accounting who is responsible for GAAP - Correct answer-FASB accounting equation - Correct answer-assets = liabilities + owners ...

Accounting 101 Final Exam Study Guide Questions With Complete Solutions

Accounting 101 Final Exam Study Guide 2022-23 Questions with Correct Answers |100% Verified

Ivy Tech Accounting 101 Final Exam Study Guide Questions With Complete Solutions

Revenues Correct Answer-assets received from selling good and services Expenses Correct Answer-the cost associated with doing business Financial Accounting Standards Board (FASB) Correct Answer-The organization primarily responsible for evaluating, setting, or modifying GAAP. Accounting Equation Correct Answer-Assets = Liabilities + Equity Primary objective of financial reporting Correct Answer-Provide information for decision making Income Statement Correct Answer-A financial sta...

What is the primary responsibility of FASB? Correct Answer-Developing GAAP What is the accounting equation? Correct Answer-Assets=Liability+Equity What is the definition of revenue? Correct Answer-Money earned from providing a product or service Is CoGS an expense? Correct Answer-Yes What is the primary objective of financial reporting? Correct Answer-To provide info for decision making What accounts are on the balance sheet? Correct Answer-Assets, liabilities, equity What acco...

Accounting 101 Final Exam Ivy Tech Questions with Complete Solutions.

What is the primary responsibility of FASB? - Answer-Developing GAAP What is the accounting equation? - Answer-Assets=Liability+Equity What is the definition of revenue? - Answer-Money earned from providing a product or service Is CoGS an expense? - Answer-Yes What is the primary objective of financial reporting? - Answer-To provide info for decision making What accounts are on the balance sheet? - Answer-Assets, liabilities, equity What accounts are on the income statement? - Answer-Reven...

Ivy Tech Accounting 101 Final Exam Study Guide Questions With Verified Solutions What is the primary responsibility of FASB? - answerDeveloping GAAP What is the accounting equation? - answerAssets=Liability+Equity What is the definition of revenue? - answerMoney earned from providing a product or service Is CoGS an expense? - answerYes What is the primary objective of financial reporting? - answerTo provide info for decision making What accounts are on the balance sheet? - answerAssets,...