Financial Accounting Review

Question 1

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Question 2

eek 1 Notes Complete

Question 3

1

Question 4

of 6

Question 5

+

Question 6

Financial Accounting Review (Week 1)

Question 7

Topics

Question 8

no sor end amines

Question 9

Balance Sheet

Question 10

Financial Accounting: Branch of accounting primarily focused on external reporting of past happenings

Question 11

using specific rules/guidelines such as GAAP

Answer 11

ASPE

Question 12

Management Accounting: Branch of accounting primarily focused on internal reporting with a future

Question 13

focus using customized approaches.

Question 14

Financial Statements: reports which provide details of an entity’s financial information

Answer 14

including what is

Question 15

contained within the business and what the business is earning.

Question 16

Income Statement

Question 17

Course (FACC099)

Question 18

Covered in more detail in Week 1 of the Financial Accounting Micro-Credential

Question 19

The Income Statement (also called the Statement of Income) reports a company’s revenues

Answer 19

expenses

Question 20

and resulting net income/loss over a specific period of time (ex. month

Answer 20

quarter

Question 21

calculation is as follows:

Question 22

Net Profit/Loss = Revenues - Expenses

Question 23

Revenue: Amount of money earned through business activity

Answer 23

such as sales

Question 24

Expense: Amount of money spent through business activity

Answer 24

such as salary

Question 25

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