ACCOUNTING 200 EXAM 1 UTK ACTUAL

ACCOUNTING 200 EXAM 1 UTK (ACTUAL / )

QUESTIONS AND VERIFIED ANSWERS

Statement of Cash Flows - ---Answers_--Operating Activities +cash from operating transactions -cash paid for operating transactions =net cash from operating activities Investing Activities +cash received from sale of land, buildings, and equipment -cash paid for purchases of land, buildings, and equipment =net cash from investing activities Financing Activities +cash in from capital stock +cash in from borrowing LT debt -cash out for dividends -cash out for repayment of LT debt =net cash for financing activities

=change in cash +beginning balance =end cash balance

Increase in revenue causes: - ---Answers_--Increase in net

income; increase in ending retained earnings; increase total equity 1 / 2

FASB - ---Answers_--Financial Accounting Standards Board Writes the GAAP

SEC - ---Answers_--Securities and Exchange Commission Attempts to protect investors

IASB - ---Answers_--International Accounting Standards Board for businesses working on an international level

fraud triangle - ---Answers_--Rationalization, Opportunity, Pressure

Increase in dividends causes: - ---Answers_--decrease in

retained earnings; decrease in equity

Accrued Revenue - ---Answers_--if the cash will be received in the future after the revenue is earned

Deferred Revenue - ---Answers_--if the cash was received before revenue was earned

Accrued Expense - ---Answers_--if cash will be paid in the future after the expense is incurred

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