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TALLAHASSEE COMMUNITY COLLEGE / Engineering / ACG 2021 / What is the primary goal of accounting?

What is the primary goal of accounting?

What is the primary goal of accounting?

Description

School: Tallahassee Community College
Department: Engineering
Course: Financial Accounting
Professor: Edith strickland
Term: Fall 2019
Tags: Math, Accounting, and financial accounting
Cost: 50
Name: Test 1 study guide and answer key
Description: This study guide will help you study and prepare for the upcoming exam on chapters 1-3 for financial accounting.
Uploaded: 09/21/2019
2 Pages 95 Views 1 Unlocks
Reviews


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"}ol.lst-kix_p5jem9z2d1k0-2.start{counter-reset:lst-ctn-kix_p5jem9z2d1k0-2 0}.lst-kix_n7cs8dx7z4mv-7 > li:before{content:"" counter(lst-ctn-kix_n7cs8dx7z4mv-7,lower-latin) ". "}.lst-kix_p5jem9z2d1k0-1 > li:before{content:"" counter(lst-ctn-kix_p5jem9z2d1k0-1,lower-latin) ". "}.lst-kix_n7cs8dx7z4mv-3 > li{counter-increment:lst-ctn-kix_n7cs8dx7z4mv-3}.lst-kix_n7cs8dx7z4mv-6 > li:before{content:"" counter(lst-ctn-kix_n7cs8dx7z4mv-6,decimal) ". "}.lst-kix_p5jem9z2d1k0-0 > li:before{content:"" counter(lst-ctn-kix_p5jem9z2d1k0-0,decimal) ". "}.lst-kix_74mv3pjfss5n-0 > li{counter-increment:lst-ctn-kix_74mv3pjfss5n-0}ol.lst-kix_n7cs8dx7z4mv-1.start{counter-reset:lst-ctn-kix_n7cs8dx7z4mv-1 0}.lst-kix_n7cs8dx7z4mv-4 > li:before{content:"" counter(lst-ctn-kix_n7cs8dx7z4mv-4,lower-latin) ". "}.lst-kix_p5jem9z2d1k0-6 > li:before{content:"" counter(lst-ctn-kix_p5jem9z2d1k0-6,decimal) ". "}.lst-kix_n7cs8dx7z4mv-3 > li:before{content:"" counter(lst-ctn-kix_n7cs8dx7z4mv-3,decimal) ". "}.lst-kix_n7cs8dx7z4mv-5 > li:before{content:"" counter(lst-ctn-kix_n7cs8dx7z4mv-5,lower-roman) ". "}.lst-kix_p5jem9z2d1k0-5 > li:before{content:"" counter(lst-ctn-kix_p5jem9z2d1k0-5,lower-roman) ". "}.lst-kix_p5jem9z2d1k0-7 > li:before{content:"" counter(lst-ctn-kix_p5jem9z2d1k0-7,lower-latin) ". "}.lst-kix_74mv3pjfss5n-6 > li{counter-increment:lst-ctn-kix_74mv3pjfss5n-6}.lst-kix_p5jem9z2d1k0-2 > li:before{content:"" counter(lst-ctn-kix_p5jem9z2d1k0-2,lower-roman) ". "}.lst-kix_n7cs8dx7z4mv-1 > li:before{content:"" counter(lst-ctn-kix_n7cs8dx7z4mv-1,lower-latin) ". "}.lst-kix_p5jem9z2d1k0-3 > li:before{content:"" counter(lst-ctn-kix_p5jem9z2d1k0-3,decimal) ". "}ol.lst-kix_n7cs8dx7z4mv-7.start{counter-reset:lst-ctn-kix_n7cs8dx7z4mv-7 0}.lst-kix_n7cs8dx7z4mv-2 > li:before{content:"" counter(lst-ctn-kix_n7cs8dx7z4mv-2,lower-roman) ". "}.lst-kix_p5jem9z2d1k0-4 > li:before{content:"" counter(lst-ctn-kix_p5jem9z2d1k0-4,lower-latin) ". "}ol.lst-kix_p5jem9z2d1k0-1.start{counter-reset:lst-ctn-kix_p5jem9z2d1k0-1 0}.lst-kix_jglj3jasqo4s-1 > li:before{content:"" counter(lst-ctn-kix_jglj3jasqo4s-1,lower-latin) ". "}.lst-kix_jglj3jasqo4s-3 > li:before{content:"" counter(lst-ctn-kix_jglj3jasqo4s-3,decimal) ". "}.lst-kix_jglj3jasqo4s-3 > li{counter-increment:lst-ctn-kix_jglj3jasqo4s-3}.lst-kix_p5jem9z2d1k0-6 > li{counter-increment:lst-ctn-kix_p5jem9z2d1k0-6}ol.lst-kix_74mv3pjfss5n-2.start{counter-reset:lst-ctn-kix_74mv3pjfss5n-2 0}.lst-kix_jglj3jasqo4s-6 > li{counter-increment:lst-ctn-kix_jglj3jasqo4s-6}.lst-kix_jglj3jasqo4s-2 > li:before{content:"" counter(lst-ctn-kix_jglj3jasqo4s-2,lower-roman) ". "}.lst-kix_n7cs8dx7z4mv-0 > li:before{content:"" counter(lst-ctn-kix_n7cs8dx7z4mv-0,decimal) ". "}ol.lst-kix_jglj3jasqo4s-8.start{counter-reset:lst-ctn-kix_jglj3jasqo4s-8 0}.lst-kix_jglj3jasqo4s-5 > li:before{content:"" counter(lst-ctn-kix_jglj3jasqo4s-5,lower-roman) ". "}.lst-kix_p5jem9z2d1k0-8 > li:before{content:"" counter(lst-ctn-kix_p5jem9z2d1k0-8,lower-roman) ". "}.lst-kix_jglj3jasqo4s-0 > li{counter-increment:lst-ctn-kix_jglj3jasqo4s-0}.lst-kix_jglj3jasqo4s-4 > li:before{content:"" counter(lst-ctn-kix_jglj3jasqo4s-4,lower-latin) ". "}.lst-kix_n7cs8dx7z4mv-0 > li{counter-increment:lst-ctn-kix_n7cs8dx7z4mv-0}ol.lst-kix_n7cs8dx7z4mv-8.start{counter-reset:lst-ctn-kix_n7cs8dx7z4mv-8 0}ol.lst-kix_p5jem9z2d1k0-8.start{counter-reset:lst-ctn-kix_p5jem9z2d1k0-8 0}.lst-kix_p5jem9z2d1k0-3 > li{counter-increment:lst-ctn-kix_p5jem9z2d1k0-3}.lst-kix_jglj3jasqo4s-0 > li:before{content:"" counter(lst-ctn-kix_jglj3jasqo4s-0,upper-latin) ". "}ol.lst-kix_jglj3jasqo4s-1.start{counter-reset:lst-ctn-kix_jglj3jasqo4s-1 0}.lst-kix_p5jem9z2d1k0-0 > li{counter-increment:lst-ctn-kix_p5jem9z2d1k0-0}

Exam 1 - Chapter 1 - 3 - Study GuideIf you want to learn more check out What is the workhorse of macroeconomics?
We also discuss several other topics like What is the study of marginal decisions?

If you want to learn more check out What do you call a market in which there are many buyers and sellers of the same good or service?

Chapter 1

  1. A sole proprietorship is the easiest to form, a single owner business and has limited personal liability. True or False: False
  2. A partnership is a multi owned business and has unlimited personal liability and mutual agency. True or False: True
  3. A corporation has limited personal liability, is harder to form, and has increased tax burden and higher regulation. True or False: True
  4. The statement of cash flows separates cash inflows and outflows into two major categories: financing activities and investing activities. True or False: False

        Operating activities

  1. The main goal of accounting is to provide info to help external users make better decisions
  2. The basic accounting equation is assets = liabilities + stockholders equity

Don't forget about the age old question of The freezing point of argon is 1.287 degree celsius. what is its freezing point on the absolute temperature scale?

Use the word bank to answer the following questions:

Assets                        Liabilities        Stockholders equity                        Common stock

Retained earnings        Revenue        expense accounts / expenses        DividendsWe also discuss several other topics like What is the definition of scientific notation in chemistry?

GAAP                        FASB                SEC

  1. A resource the company owns that will produce a future economic benefit is an asset
  2. A liability is an amount the company owes someone.
  3. Common stock is the amount an investor contributed to a business
  4. The cumulative profit of a business over a period of time is known as retained earnings
  5. GAAP sets the standards for financial accounting, recording, and reporting
  6. SEC regulates the stock market and oversees compliance with GAAP
  7. Amounts earned from provided services or products is known as revenue
  8. Expenses are the cost of operating a company and generating revenue
  9. The distribution of company profits to stockholders it called dividends
  10. FASB is responsible for setting the generally accepted accounting principles
  11. Stockholders equity is the owners claim to assets
  12. If a company has $30,000 of assets and $40,000 of liabilities and stockholders equity, how much net income or net loss does the company have?

Assets                30,000        net loss of $10,000We also discuss several other topics like What happens in the battle at bushy run?

Liabilities        -40,000

Net income        -10,000

  1. Company x has $75,000 of assets and $15,000 of liabilities and stockholders equity, calculate the net income or net loss of company x

        75,000        net income of $60,000

        -15,000

        60,000

  1. List the financial statements in order
  1. Income statement
  2. Statement of retained earnings
  3. Balance sheet
  4. Statement of cash flows
  1. Who are the primary users of financial accounting information?

Investors and creditors

Use the information below to answer the following questions

Accounts payable

5,000

Advertising expense

50

Accounts receivable

230

Rent expense

100

Cash

7,000

Service revenue

600

Utilities expense

150

Sales revenue

800

Common stock

120

supplies

1,500

Dividends

300

Retained earnings

5,000

  1. What is the net income?

Revenue        1400                $1,1000

-Expense        -300

                1,100

  1. What is the end of retained earnings?

   5,000                        $5,800

+1,100

    300

  1. What are total assets?

$8,730

  1. What are total liabilities?

$5,000

  1. What is the total of the debits column if you prepared a trial balance?

$9,330

Chapter 2

True or False:

  1. The cost principle requires assets to be initially recorded at cost regardless of changes in market value. True or False: True        at least 2 accounts

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