ACCT 301 REVIEW FOR TEST #1
1. Name the 4 basic financial statements.
Statement of Cash Flows
Statement of Owners Equity or Statement of Retained Earnings
2. What are the 3 main parts of an income statement?
Revenues minus E
REVIEW FOR FINAL EXAM
What are the names of the four basic financial statements?
Income Statement, Balance Sheet, Statement of Owners Equity (or Retained
Earnings), Statement of Cash Flows
What are the three main parts of an income st
Presented below are three unrelated situations.
Your answer is correct.
Teal Company recently signed a lease for a new ofce building, for a lease period of 10 years. Under the lease agreement, a security deposit of $13,450 is made, with
Question 12 Chapter 7
Codification Exercise CE7-2.Carrie Underwood believes that by establishing a loss
contingency for uncollectible receivables, a company provides financial protection against
the loss. What does the authoritative literature say about t
Go to Academic Accounting Access - FASB Accounting Standards Codification & GASB
(http:titiaaahq.orgtiascLogin.cfm) and using the following: User ID: AAA52079 and
Password: FB9t7gY log into F
Chapter 8 Codification Research Case (c). Sales with high rates of return can ultimately
cause inventory to be misstated. Why are returns allowed? Should different industries be
able to make different types of return policies?
Per FASB, 605-15
Indicate some of the users and the information they are most directly concerned with in
The users of the financial statements information that are concern within economic decision
making could be:
Equity investors are
Chapt 9 Codification Research Case - (c) Define market as used in the phrase lower-of-cost or-market.
Per FASB, 330-10-20 (Inventory-Overall-Glossary), as used in the phrase lower of cost or market, the term
market means current replacement co
Click on the HELP button and describe the procedures for providing feedback (found
under the Other Features Section.)
There are two type of feedback that everyone can write. First one named as Content Feedback
the feedback should be related to