Financial Reporting Exam
Bank
Course Introduction
Financial Reporting is a foundational course that introduces students to the principles, standards, and processes involved in preparing and presenting financial statements for external users. The course covers key topics such as the conceptual framework of accounting, recognition and measurement of assets, liabilities, equity, revenues, and expenses, and the interpretation of financial statements. Emphasis is placed on the regulatory environment of financial reporting, including International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP), ethical considerations, and the role of financial disclosures in decision-making by investors, creditors, and other stakeholders. Students develop analytical skills to assess financial information and understand its implications for business performance and strategy.
Recommended Textbook
Financial and Managerial Accounting 6th Edition by John Wild
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2 Chapters
485 Verified Questions
485 Flashcards
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Chapter 1: Accounting in Business
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254 Verified Questions
254 Flashcards
Source URL: https://quizplus.com/quiz/57259
Sample Questions
Q1) Grandmark Printing pays $2,000 rent to the landlord of the building where its facilities are located. How does this transaction affect the accounting equation for Grandmark?
A) Assets would decrease $2,000 and liabilities would decrease $2,000.
B) Assets would decrease $2,000 and equity would decrease $2,000.
C) Assets would increase $2,000 and equity would increase $2,000.
D) Assets would increase $2,000 and liabilities would increase $2,000.
E) Liabilities would decrease $2,000 and equity would increase $2,000.
Answer: B
Q2) As a general rule, revenues should not be recognized in the accounting records when earned, but rather when cash is received. A)True
B)False
Answer: False
Q3) The balance sheet is based on the accounting equation.
A)True
B)False
Answer: True
Q4) A ____________________ is a business that is owned by only one person. Answer: Sole proprietorship
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Chapter 2: Analyzing for Business Transactions
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217 Verified Questions
217 Flashcards
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Sample Questions
Q1) Jerry's Butcher Shop, Inc. had the following assets and liabilities at the beginning and end of the current year: \(\begin{array}{llcc}
& \text { Assets} &\text { Liabilities }\\
\text { Beginning of the year ............ } &\$114,000& \$68,000\\
\text { End of the year ......................} &135,000&73,000\\ \end{array}\)
If Jerry made no investments in the business but withdrew $5,000 during the year, what was the amount of net income earned by Jerry's Butcher Shop, Inc.?
Answer: Beginning stockholders' equity = $114,000 - $68,000 = $46,000
Ending stockholders' equity = $135,000 - $73,000 = $62,000
Increase in stockholders' equity = $62,000 - $46,000 = $16,000
Net income = $16,000 + $5,000 = $21,000
Q2) A dividend normally has a debit balance.
A)True
B)False
Answer: True
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