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Exam (elaborations)

HBS Core – Accounting with correct answers 2026

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FundamentalvAccountingvEquationv-Assetsv=vLiabilitiesv+vOwner'svEquity Assetv-vDefinitionv-Resourcesvownedvbyvavbusiness Liabilitiesv-Obligationsvtovpayvavthirdvparty Owner'svEquityv-Contributionsvfromvthevowners'vofvavbusiness.vAssetsvvLiabilities DifferencesvbetweenvLiabilitiesvandvOwner'svEquityvOwnersvhavevthevabilityvtovmakevdecisionsvaboutvhowvthevbusinessvoperates.vLenders/suppliersvd ovnot Whatvincreasesvowner'svequity?v-Profits MatchingvPrinciplevExpensesvshouldvbevrecognizedvinvthevsamevperiodvinvwhichvthevrelatedvrevenuevisvrecognizedvrat hervthanvwhenvthevrelatedvcashvisvpaid ComponentsvofvthevAccrualvAccountingvMethodv(3)vvcorrect-answersvRealizationvPrinciple.vMatchingvPrinciple.vGoingvConcern RealizationvPrinciplevRevenuevcanvonlyvbevrecognizedvwhenvthevrevenuevisvbothvearnedvandvrealized/realizable GoingvConcernvAvcompanyvisvconsideredvtovbevavgoingvconcernvifvtheventityvisvexpectedvtovremainvinvoperationvan dvbevablevtovsatisfyvallvcommitmentsvandvobligationsvandvrealizevthevbenefitsvandvvaluesvofvallvass e tsvforvthevindefinitevfuture.vIfvtherevisvevidencevtovthevcontrary,vthevbusinessvmayvnovlongervbevcon sideredvavgoingvconcern Ifvavbusinessvisvlabeledvasvavgoingvconcern,visvthatvbusinessvhealthyvorvunhealthy?vWhy?vvcorrectanswersvHealthy.vGoingvconcernvmeansvitsvexpectedvtovremainvinvoperationvandvsatisfyvallvcommitments/o bligations Isvdeferredvrevenuevanvassetvorvliability?v-Liability

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HBS Core – Accounting with correct
answers 2026




FundamentalvAccountingvEquationv-Assetsv=vLiabilitiesv+vOwner'svEquity



Assetv-vDefinitionv-Resourcesvownedvbyvavbusiness



Liabilitiesv-Obligationsvtovpayvavthirdvparty



Owner'svEquityv-Contributionsvfromvthevowners'vofvavbusiness.vAssetsvvLiabilities



DifferencesvbetweenvLiabilitiesvandvOwner'svEquityv-
Ownersvhavevthevabilityvtovmakevdecisionsvaboutvhowvthevbusinessvoperates.vLenders/suppliersvd
ovnot



Whatvincreasesvowner'svequity?v-Profits

,MatchingvPrinciplev-
Expensesvshouldvbevrecognizedvinvthevsamevperiodvinvwhichvthevrelatedvrevenuevisvrecognizedvrat
hervthanvwhenvthevrelatedvcashvisvpaid ComponentsvofvthevAccrualvAccountingvMethodv(3)v-
vcorrect-answersvRealizationvPrinciple.vMatchingvPrinciple.vGoingvConcern




RealizationvPrinciplev-
Revenuevcanvonlyvbevrecognizedvwhenvthevrevenuevisvbothvearnedvandvrealized/realizable



GoingvConcernv-
Avcompanyvisvconsideredvtovbevavgoingvconcernvifvtheventityvisvexpectedvtovremainvinvoperationvan
dvbevablevtovsatisfyvallvcommitmentsvandvobligationsvandvrealizevthevbenefitsvandvvaluesvofvallvass
e
tsvforvthevindefinitevfuture.vIfvtherevisvevidencevtovthevcontrary,vthevbusinessvmayvnovlongervbevcon
sideredvavgoingvconcern



Ifvavbusinessvisvlabeledvasvavgoingvconcern,visvthatvbusinessvhealthyvorvunhealthy?vWhy?v-
vcorrectanswersv-


Healthy.vGoingvconcernvmeansvitsvexpectedvtovremainvinvoperationvandvsatisfyvallvcommitments/o
bligations



Isvdeferredvrevenuevanvassetvorvliability?v-Liability



DeferredvRevenuev-vDefinitionv-
Liabilityvthatvrepresentsvthevobligationvtovprovidevfuturevgoods/services



Conservatismv-
Forvrevenuesvandvgainsvitvmeansvrecordingvthemvwhenvtheyvarevreasonablyvcertainvbutvforvexpens
esvandvlossesvitvmeansvrecordingvthemvwhenvtheyvarevreasonablyvpossible.vForvassetsvitvmeansvrec
ordingvthevlowervvaluationvwhilevforvliabilitiesvitvmeansvrecordingvthevhighervpossiblevvaluation.



HistoricalvCostvPrinciplev-

, Transactionsvarevrecordedvatvthevcostvthatvexistedvwhenvthevtransactionvoccurred.

ValuatingvAssetsvundervHistoricalvCostvPrinciplev-
Financialvvaluevofvassetsvisvshownvatvhistoricalvcost,vrathervthanvcurrentvmarketvvalue.vExamplevvLa
ndvappreciation



EntityvConceptv-
Avbusinessvisvavseparatelyvidentifiableventity.vTherefore,vaccountsvofvavbusinessvshouldvbevcomplet
elyvseparatevfromvthosevofvownersvofvthevbusiness



MoneyvMeasurementvPrinciplev-
Onlyvvaluesvthatvcanvbevmeasuredvinvmonetaryvtermsvshouldvbevrecordedvinvfinancialvaccountingvr
ecords.vIntangiblevassetsvwillvnotvbevrecorded



Isvbrandvrecognition/brandvequityvrecordedvasvanvassetvonvfinancialvstatements?v-
vcorrectanswersv-Nov-vbrandvequityvisvanvintangiblevasset




Categorize:vCashv-Asset



Categorize:vAccountsvReceivablev-Asset



Categorize:vNotesvReceivablev-Asset



Categorize:vInterestvReceivablev-Asset



Categorize:vInventoryv-Asset



Categorize:vInvestmentsv-Asset Categorize:vFixedvAssetsv-Asset
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