Accural accounting Study guides, Class notes & Summaries

C213 on may 1, 2011, a company using accural accounting purchased equipment costing $50000 C213 on may 1, 2011, a company using accural accounting purchased equipment costing $500000. it expects the equpment to have a useful life of five years. At the time of purchase, the company also purchaed a one-year insurance policy on this requipment, which cost $6000. How much insurance expense should the company have recognized for the year ending in 2011? Insurance Expense Calculation When a company...

financial accounting - correct answera system of processing financial data for a company with the purpose of producing a set of financial statements which investors and creditors can use to make financial decisions. financial statements - correct answera short report that disclose information about various aspects of a company, including the balance sheet, income statement and cash flow statement Asset - correct answeranything of value owned by the company Balance sheet - correct answer...

CEFP Terms Questions and Answers 100% Solved Involvement Continuum ️️3-phase tool to understand and communicate roles in decision making process: Inform/ Input/ Decide Individual Needs Analysis ️️Determines type of staff development to help employees perform work better Participative Mgmt ️️Employees at all levels of organization help to set the goals Performance Gap ️️Difference between employee's ideal and actual work performance Informal mentoring/ coaching ️️a...

*Efficiency - ANSWER Process & doing things right *Effectiveness - ANSWER Outcomes & doing the right thing Accural Accounting - ANSWER Records revenues when they are earned & expenses when they have been accrued. Provides a more accurate reflection of your current financial situation Cash Based Accounting - ANSWER Recognizes revenue only when cash is collected & expenses when cash is paid. Provides a truer reflection of actual cash on hand & requires less reconciliation Chart of Acco...

Accural Accounting correct answers Transactions are recorded in the period which the cash is received Revenue Recognition Principle correct answers Requires Companies to recognize revenue in the accounting period in which it is earned Financial Statements correct answers Adjustments are made every time they are issued to ensure all accounts are correctly reported What is included in Adjustments? correct answers One Balance Sheet and One Income Statement Contra Asset Account correct a...

HCAD 375 EXAM 1 QUESTIONS AND ANSWERS 2024 The financial environment is ______ and ___________ _____. Fluid Reimbursement driven Goal of Financial Management make organizations work more effectively What has led to increased HC costs? Aging population, uninsured, newly insured under ACA, Rx drugs, use of more advanced tech, chronic disease, "defensive medicine" What has led to a decrease in HC costs? Evidence based medicine, retail HC, more generic drugs, increased c...

CPPM Practice Exam Questions with Correct Answers *Efficiency - Answer-Process & doing things right *Effectiveness - Answer-Outcomes & doing the right thing Accural Accounting - Answer-Records revenues when they are earned & expenses when they have been accrued. Provides a more accurate reflection of your current financial situation Cash Based Accounting - Answer-Recognizes revenue only when cash is collected & expenses when cash is paid. Provides a truer reflection of actual cash o...

Account Receivable System - Ans ️️ -A system to account for revenue that is due (has been earned) but not yet collected Accural Accounting System - Ans ️️ -An accounting system that matches revenue generated with the expenses incurred to generate the revenue Commercial Food Service Operation - Ans ️️ -Food service operation found in lodging properties, clubs, restaurants, and other businesses; these operations exist to make a profit from food and beverage products.

assets - resources owned by the business (things of value) liabilities - creditors claims on total assets (obligations or debts of the business) stockholders equity - ownership claims on total assets basic accounting equation - assests= liabilities + stockholders equity generally accepted accounting principles - set of rules and practices that provide answers to the followong questions - How does a company decide on the type of financial info to disclose? - What format should a company us...

MHA 706 Module 2 QuizGenerally Accepted Accounting Principles (GAAP) are said to be compromised of assumptions, principles, and constraints. Match the term to its appropriate category. Going concern - Expense Matching - Materiality - - correct answer a) GAAP assumptions b) GAAP Principle c) GAAP Constraint reports income from activities not related to "core" business of the organization. - correct answer Non-operating Income is a measure of income generated from the "core" busi...