Question;QUESTIONS;1. Explain;the term stakeholder. Distinguish between stakeholders with a;direct versus an indirect interest in the companies that issue accounting;reports.2. Why;is accounting called the language of business?3. What;is the primary mechanism used to allocate resources in the United States?4. In;a business context, what does the term market mean?5. What;market trilogy components are involved in the process of transforming;resources into finished products?6. Give;an example of a financial resource, a physical resource, and a labor;resource.7. What;type of return does an investor expect to receive in exchange for;providing financial resources to a business? What type of return does a;creditor expect from providing financial resources to an organization or;business?8. How;do financial and managerial accounting differ?9. Describe;a not-for-profit or nonprofit enterprise. What is the motivation for this;type of entity?10. What;are the U.S. rules of accounting information measurement called?11. Explain;how a career in public accounting differs from a career in private;accounting.12. Distinguish;between elements of financial statements and accounts.13. What;role do assets play in business profitability?14. To;whom do the assets of a business belong?15. What;is the nature of creditors? claims on assets?;?;16. What term describes creditors? claims on the assets of a;business?;?;17. What is the accounting equation? Describe each of its three;components.;?;18. Who ultimately bears the risk and collects the rewards;associated with operating a business?;?;19. What does a double-entry bookkeeping system mean?;?;20. How does acquiring capital from owners affect the accounting;equation?;?;21. What is the difference between assets that are acquired by;issuing common stock and those that are acquired using retained earnings?;?;22. How does earning revenue affect the accounting equation?;?;23. What are the three primary sources of assets?;?;24. What is the source of retained earnings?;?;25. How does distributing assets (paying dividends) to owners;affect the accounting equation?;?;26. What are the similarities and differences between dividends and;expenses?;?;27. What four general-purpose financial statements do business;enterprises use?;?;28. Which of the general-purpose financial statements provides;information about the enterprise at a specific designated date?;?;29. What causes a net loss?;?;30. What three categories of cash receipts and cash payments do;businesses report on the statement of cash flows? Explain the types of cash;flows reported in each category.;?;31. How are asset accounts usually arranged in the balance sheet?;?;32. Discuss the term articulation as it relates to;financial statements.;?;33. How do temporary accounts differ from permanent accounts? Name;three temporary accounts. Is retained earnings a temporary or a permanent;account?;?;34. What is the historical cost concept and how does it relate to;the reliability concept?;?;35. Identify the three types of accounting transactions discussed;in this chapter. Provide an example of each type of transaction, and explain;how it affects the accounting equation.;?;36. What type of information does a business typically include in;its annual report?;?;37. What is U.S. GAAP? What is IFRS?
Paper#51354 | Written in 18-Jul-2015Price : $22