These are the automatically computed results of your exam. Grades for essay questions, and…

These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. Date Taken: 7/24/2014Time Spent:2 h , 36 min , 24 secsPoints Received: 40 / 50 (80%) Question Type:# Of Questions:# Correct:Multiple Choice42Short3N/AEssay1N/AGrade Details – All Questions Question 1.Question :

(TCO 2) A statement that reports inflows and outflows of cash during the accounting period in the categories of operations, investing, and financing, is called a(an):Student Answer: Income statement Statement of retained earnings Balance sheet Statement of cash flows Report of managementInstructor Explanation:Chapter 9Points Received: 5 of 5 Comments:
Question 2.Question :

(TCO 2) Which method(s) of financial reporting does (do) not recognize the impact of changes in purchasing power?Student Answer: HC HC-GPL CV CV-GPL Both A and C B and D A and BInstructor Explanation:Chapter 10Points Received: 0 of 5 Comments:
Question 3.Question :

(TCO 2) Which of the following is the BEST example of a financial metric?Student Answer: Degree of innovation Employee empowerment Accreditation by the Joint Commission on Accreditation of Healthcare Organizations Total margin Length of stayInstructor Explanation:Chapter 11Points Received: 0 of 5 Comments:
Question 4.Question :

(TCO 2) What is/(are) the primary determinant(s) of firm value?Student Answer: Profit Investment Cost of capital All of above Instructor Explanation:Chapter 11Points Received: 5 of 5 Comments:
Question 5.Question :

(TCO 2) How are revenues and expenses defined under accrual accounting?Student Answer:Revenues and expenses are defined under accrual accounting as being recorded when revenue is earned and expense incurred, when they happen, not when the money is received or paid out. Instructor Explanation:Under the accrual basis of accounting revenues are the amount earned in providing a good or service, while expenses represent the amount of resources used in earning those revenues.Points Received: 5 of 5 Comments:
Question 6.Question :

(TCO 2) What is an accounting entity?Student Answer:An accounting entity is the specific organization for which financial information is recorded and reported. (name of the business) The accounting entity must be clearly defined or the financial information will be rendered useless and misleading. Instructor Explanation:An accounting entity is an organization for which financial data are to be collected (separate and distinct from its owners).Points Received: 5 of 5 Comments:
Question 7.Question :

(TCO 2) What three pieces of information are needed to convert nominal dollars to constant dollars?Student Answer:The 3 pieces of information that is needed to convert nominal dollars into constant dollars are the following: 1. unadjusted value of the account in historical or nominal dollars. 2. price index which reflects the purchasing power at the date the count is to be restated. 3. price index which reflects the purchasing power in which the unadjusted value is currently expressed. Instructor Explanation:the unadjusted value of the account in historical or nominal dollars,a price index that reflects the purchasing power in which the unadjusted value is currently expressed, anda price index that reflects the purchasing power at the date the account is to be restated.Points Received: 10 of 10 Comments:
Question 8.Question :

(TCO 2) What is the basic accounting equation?Student Answer:The basic accounting equation is: Assets = Liabilities + Equity which illustrates what resources a company has, owed and what the stakeholder/shareholder has invested in the organization. The value of assets must always equal liabilities and equity. The assets/resources are an organizations available resources that are used to sustain operations. Examples of assets are cash, accounts receivable, land, plants, supplies, buildings, equipment, patents/rights, and an organizations goodwill. Liabilities/obligations are the organizations expenses for operations which are owed to creditors. Examples of liabilities are Accounts Payable, loans, notes, bonds and unearned revenues. Equity (owners interests) is amount of capital or resources that are invested in an organization by the stakeholder/shareholder and represents their stake/claim (investment amount) in a business assets. This is illustrated as Common Stock, Retained Earnings, Net Income, Preferred stock, Net Income/Loss, and capital. Instructor Explanation:The basic accounting equation is based on the idea that the total amount (cost) of all economic resources owned by the entity is equal to the amount of those economic resources provided by creditors plus the amount of those economic resources provided by the owners.
The basic accounting equation (for-profit: Assets = Liabilities + Stockholders' Equity; not-for-profit: Assets = Liabilities + Net Assets) is often called the balance sheet equation. It is the basis used to record activities of an accounting entity and to report those activities to internal and external parties.).Points Received: 10 of 10 Comments:
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