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Past Exam for ACCT 214 - Financial Accounting at Duquesne (DUQ)

Exam Information

Material Type:Exam
Professor:Staff
Class:ACCT 214 - Financial Accounting
Subject:Accounting
University:Duquesne University
Term:--
Keywords:
  • Basic Financial Statements
  • Time Period Assumption
  • Core Competency
  • Fixed Asset
  • Current Assets
  • Depreciated
  • Closing Entries
  • Higher Net Income
  • Fixed Asset Turnover Ratio
  • Reconciliation
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Sample Document Text

1 214-Financial Accounting Study Guide Core Competency Exam Key Concepts Covered in the Course Basic Financial Statements, Types of Business Organizations . The various users of financial statements. . The four basic financial statements, what time period they cover, and what information is included on them: a) Balance sheet b) Income statement c) Statement of cash flows d) Statement of stockholders' equity (retained earnings) . The Accounting Equation . The concept of GAAP (Generally Accepted Accounting Principles) . Types of business entities, and the differences between them a) Corporations b) Partnerships c) Sole Proprietorships . Distinguish between financial accounting and managerial accounting . Know the important groups involved in preparation and use of financial statements, including: senior management; independent auditors; government regulators (SEC, IRS, etc.). . The purpose of an audit of financial statements is to render an opinion on whe...

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