Solutions%20to%20the%20Review%20of%20First%20Class0

Solutions%20to%20the%20Review%20of%20First%20Class0 -...

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What Organization in the U.S. is the Primary current issuer of Accounting GAAP? The Financial Accounting Standards Board
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What is the Board that Issues International Financial Reporting Standards? The International Accounting Standards Board (IASB)
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What is the SEC Roadmap? A Roadmap for the Potential Use of Financial Statements Prepared In Accordance with IFRSs By U.S. Issuers
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True or False: Credits are always on the left and Debits are always on the right. False, Credits are always on the Right and Debits are always on the Left
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What is the First Place the Accounting Data Is Recorded? The Journal
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What is the Fundamental
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Unformatted text preview: Accounting Equation? Assets = Liabilities + Equity What Is a Chart of Accounts? It Lists the Names & Numbers of Of All of the Accounts In the Firms System What Is the Journal Entry if a Firm Makes a Cash Sale? Cash $XXXX Revenue $XXXX When does one use a T-Account? Only for Illustrations and Working through the Journal Entry(ies) of an Issue What is the Name of the Book of Accounts? The Ledger What is a Trial Balance? A Listing of All Accounts in a Firms Ledger and Their Balances What Does PCAOB Do? Oversees the Development of Audit Standards & Monitors Auditors of Public Firms...
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This note was uploaded on 02/17/2010 for the course MIS 042 taught by Professor Herrin during the Spring '10 term at University of Texas at Austin.

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Solutions%20to%20the%20Review%20of%20First%20Class0 -...

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