BUS-A 100 IU MIDTERM TEST LATEST UPDATED
Big 4 firms - ANSWER KPMG, PwC, Deloitte, Ernst and Young
Unearned Revenue - ANSWER lowers liabilities, revenue increased
Depreciation - ANSWER decreases both investors' equity and assets
Leverage: Describe how much debt the business employs in comparison to
equity.
Operating: Respond to all inquiries, cash sales
Investing - ANSWER Buying and selling land, buildings, and equipment
Financial - ANSWER dealings with investors' and bankers
Equity Investors: ANSWER owners anticipate dividend payments or a rise in
the value of their stock.
Debt Investors - ANSWER creditors of the firm, expect principle and interest
payments
ANSWER Forms 10-K and 10-Q, as well as independently audited financial
statements, are obligations set forth by the Securities and Exchange
Commission for public companies.
GAAP - ANSWER accounting standard that companies based in US are
obligated to apply
FASB - ANSWER responsible for GAAP
IFRS - ANSWER accounting standards used in 100+ other countries
IFRS is handled by IASB.
Balance Sheet - ANSWER Assets+Liabilities+Equity
Income Statement - ANSWER Revenues-Expenses-Net Income
Big 4 firms - ANSWER KPMG, PwC, Deloitte, Ernst and Young
Unearned Revenue - ANSWER lowers liabilities, revenue increased
Depreciation - ANSWER decreases both investors' equity and assets
Leverage: Describe how much debt the business employs in comparison to
equity.
Operating: Respond to all inquiries, cash sales
Investing - ANSWER Buying and selling land, buildings, and equipment
Financial - ANSWER dealings with investors' and bankers
Equity Investors: ANSWER owners anticipate dividend payments or a rise in
the value of their stock.
Debt Investors - ANSWER creditors of the firm, expect principle and interest
payments
ANSWER Forms 10-K and 10-Q, as well as independently audited financial
statements, are obligations set forth by the Securities and Exchange
Commission for public companies.
GAAP - ANSWER accounting standard that companies based in US are
obligated to apply
FASB - ANSWER responsible for GAAP
IFRS - ANSWER accounting standards used in 100+ other countries
IFRS is handled by IASB.
Balance Sheet - ANSWER Assets+Liabilities+Equity
Income Statement - ANSWER Revenues-Expenses-Net Income
