Understanding the basics of financial reporting
77 important questions on Understanding the basics of financial reporting
What is the historical cost principle?
What is the fair value principle?
When is fair value mainly used?
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What is the monetary unit assumption?
What information is excluded under the monetary unit assumption?
What is the economic entity assumption?
What is the basic accounting equation?
What is residual equity?
What is share capital (ordinary)?
What are retained earnings?
What increases equity?
What decreases equity?
What is an external transaction?
What is an internal transaction?
What is the dual effect of transactions?
If an assets increases, what must also change
- a liability increases
equity increases
What is the expended accounting equation?
- retained earnings = revenues - expenses - dividends
When does share capital change?
When do retained earnings change?
What happens when shareholders invest cash in the business?
What happens when supplies are purchased on credit?
- total assets unchanged
What happens when supplies are purchased on credit?
What happens when services arre performed for cash?
What happens when advertising is purchased on credit?
What happens when services are performed for cash and credit?
What happens when expenses are paid in cash?
Does paying a liability later affect equity?
Does collecting accounts receivable affect equity?
What happens when dividends are paid?
What must be analysed for each transaction?
2. The specific accounts affected
What must always remain true after every transaction?
What explains every change in equity?
What is the income statement?
What is the retained earnings statement?
What is the statement of financial position (balance sheet)?
What is the statement of cash flows?
What is the comprehensive income statement?
Where does net income go after the income statement?
Where is ending retained earnings reported?
Where is ending cash reported?
What does the income statement measure?
What happens when revenues exceed expenses?
What happens when expenses exceed revenues?
Are dividends included in the income statement?
What appears first in a retained earnings statement?
What changes retained earnings?
What is the last line of the retained earnings statement?
What does the statement of financial position show?
What rule must always be true on the balance sheet?
How are liabilities normally presented?
What 3 main activities are shown in the cash flow statement?
2. Investing activities
3. Financing activities
What is the comprehensive income?
When is a comprehensive income statement required?
Can income statement and comprehensive income statement be combined?
Why has demand for accountants increased in recent years?
What is public accounting?
What is the role of a CPA or CA in auditing?
What is taxation in public accounting?
What is private accounting?
What is governmental accounting?
What is forensic accounting?
What are the 3 parts of an account?
What is a debit balance?
What is a credit balance?
How do liabilities decrease?
What increases equity?
What decrease equity?
How does share capital decrease?
What are retained earnings?
What is the effect of revenues on equity?
What is the effect of expenses on equity?
Where are revenues and expenses reported?
Where are dividends reported?
Where is equity reported?
What is the expanded equation?
- retained earnings = revenues - expenses - dividends
What is a compound entry?
What is a trial balance?
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