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HBX Core Exam Financial Accounting 100% Correct And Verified Answers
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HBX Core Exam Financial Accounting 100% Correct And Verified Answers
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HBX Core Exam Financial Accounting100% Correct And Verified Answers
Accounting Equation - Correct Answer-Assets = Liabilities +
Owner's Equity
-must always balance
Accrual Accounting Method - Correct Answer-transactions
are recorded in the period to which they relate, regardless of
when cash is exchanged
Conservatism - Correct Answer-Record expenses or losses
when they are probable, but only record gains or revenue
when they are realized
Relevance vs. Reliability - Correct Answer-Relevance -
should be considered
Reliable - from a credible source
Historical Cost - Correct Answer-Transactions are recorded
at the actual price at the time of the transaction; value is
shown at historical cost
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, Consistency - Correct Answer-using the same accounting
methods over time
Materiality - Correct Answer-Deciding how much detail
needs to be shown in financial records
Entity Concept - Correct Answer-The business is a distinct
entity from it's owners
Money Measurement - Correct Answer-If it can't be
recorded in monetary terms, it shouldn't be recorded
Going Concern - Correct Answer-Assuming the business will
continue to operate for the foreseeable future
Double Entry Accounting - Correct Answer-Debits increase
assets and expenses; Credits increase liabilities, equity, and
revenue (and vice versa); all debit account balances should
equal all credit account balances
Real and Nominal Accounts - Correct Answer-real - end up
on the balance sheet; reflect cumulative balance in each
account since the business started
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