ACCT 410 INTERMEDIATE ACCOUNTING I
MIDTERM STUDY SHEET 2026 QUESTIONS
WITH ANSWERS GRADED A+
●● GAAP stands for.
Answer: Generally accepted accounting principles
●● IAS stands for.
Answer: international accounting standards
●● What's the difference between financial and managerial accounting?.
Answer: Financial accounting is generally targeted towards people
outside of the company, to entice people to invest money. Managerial
accounting on the other hand is usually used internally for managers to
make decisions.
●● What is a customer advance/unearned revenue?.
Answer: A liability such that the customer initially pays money
expecting a good back in the future (magazine subscription)
●● What are paid-in capital?.
Answer: Investments made by people, such as stocks and founders
contributing money to start a startup
, ●● What are retained earnings?.
Answer: Profits that at reinvested rather than distributed as dividends.
●● Are dividends considered an expense?.
Answer: No because owners are residual claimants
●● What is the 10-K form?.
Answer: An audited annual report
●● What is the 10-Q form?.
Answer: An unaudited quarterly report
●● What is the 8-K form?.
Answer: A monthly report used to report key events such as change in
upper management, large purchases, etc.
●● When is the 20-F form used?.
Answer: For foreign companies to convert their earnings to the local
currency (USD)
●● What are the three activities of total cash flow?.
Answer: Operating, financing, investing activities
MIDTERM STUDY SHEET 2026 QUESTIONS
WITH ANSWERS GRADED A+
●● GAAP stands for.
Answer: Generally accepted accounting principles
●● IAS stands for.
Answer: international accounting standards
●● What's the difference between financial and managerial accounting?.
Answer: Financial accounting is generally targeted towards people
outside of the company, to entice people to invest money. Managerial
accounting on the other hand is usually used internally for managers to
make decisions.
●● What is a customer advance/unearned revenue?.
Answer: A liability such that the customer initially pays money
expecting a good back in the future (magazine subscription)
●● What are paid-in capital?.
Answer: Investments made by people, such as stocks and founders
contributing money to start a startup
, ●● What are retained earnings?.
Answer: Profits that at reinvested rather than distributed as dividends.
●● Are dividends considered an expense?.
Answer: No because owners are residual claimants
●● What is the 10-K form?.
Answer: An audited annual report
●● What is the 10-Q form?.
Answer: An unaudited quarterly report
●● What is the 8-K form?.
Answer: A monthly report used to report key events such as change in
upper management, large purchases, etc.
●● When is the 20-F form used?.
Answer: For foreign companies to convert their earnings to the local
currency (USD)
●● What are the three activities of total cash flow?.
Answer: Operating, financing, investing activities
