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APSU / Political Science / POLS 3001 / The going concerned concept says what?

The going concerned concept says what?

The going concerned concept says what?

Description

School: Austin Peay State University
Department: Political Science
Course: Foundations of Accounting
Professor: Lesley davidson
Term: Fall 2016
Tags: Accounting
Cost: 50
Name: Exam 1
Description: Notes over chapters 1-6
Uploaded: 09/14/2016
2 Pages 125 Views 1 Unlocks
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Exam 1 Study Guide  


The going concerned concept says what?



Types of Accounting used within an organization and for  planning.

∙ Managerial Accounting  

The going concerned concept says what?

∙ That the entity will continue to operate in the future.  

When is revenue recorded for accrual accounting? ∙ When the services are performed  

How would you find the stockholders’ equity in an  equation?

∙ Subtract liabilities from the assets

o Assets= $1000; Liabilities= $300; SE= $700 

The Matching Principle matches what to what? ∙ Expenses to revenue

What’s the accounting equation?

∙ Assets= Liabilities + Stockholders’ equity  


When is revenue recorded for accrual accounting?



∙ $320,000= $117,000 + $203,000

When a firm uses LIFO what happens?

∙ The cost of goods sold is greater than if FIFO was used.

∙ The products that were last in are the first out.  

Accounts Receivable are recorded at______ ∙ Net relizable value  

“______” results from a sale of goods or services ∙ On Account (NOT CASH)

Accounts Payable are liabilities not assets!

Noncurrent intangible assets are subject to  ∙ Amoritization  

Straight Line depreciation  

∙ There is equal depreciation each year.

The principle challenge to calculating depreciation is: ∙ Estimating the quantity of materials recovered.  


The matching principle matches what to what?



Land isn’t a liability  

A Chart of Accounts isn’t an example of a source  document. If you want to learn more check out Can fat be used as protein?

Perpetual inventory system is what?

∙ A continuous record of the quantity and cost of each item.

∙ Record is made of every purchase.  

∙ Computers have made it more feasible to use perpetual inventory systems

How to find dividends in an equation?

When you have net income, beginning retained earnings, and ending retained  earnings finding the dividends is easy.

Add net income and Beg. Ret. Earnings; then subtract Ending Ret. Earnings. The results is your DIVIDEND We also discuss several other topics like What are the requirements for a real assent?

o Net Income: $100,000; Beg. Ret E: $30,000; Ending Ret. E: $90,000 o 100,000+30,000= 130,000- 90,000= 40,000 

o 40,000 is dividends  If you want to learn more check out What are some examples of cultural pluralism?
If you want to learn more check out How does racism justify colonialism?
Don't forget about the age old question of What is the meaning of atomic numbers in biology?
If you want to learn more check out What are the thermal properties of surfaces?

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