ACC 281 week 5 post assessment Essay example

957 WordsSep 7, 20144 Pages
1. A company’s ending accounts receivable balance and the period’s advertising expense would be found on which financial statements, respectively balance sheet and income statement (Yes. Accounts receivable will be on the balance sheet and the advertising expenses on the income statement) 2. How does financial accounting differ from managerial accounting managerial accounting deals with internal reporting and financial deals with internal reporting (Yes. Managerial accounting deals with internal reporting and financial accounting deals with external entities) 3. What calculation would you use to determine the net income Revenues minus expenses equal net income. (Yes. Net Income = revenues – expenses) 4. Your healthcare…show more content…
Regulations and Rules in the Accounting Practice: There are basic accounting rules that all organizations must follow. The purpose of these rules is to make sure that sound accounting principles are being followed. There are private entity rules and governmental entity rules. Which of the following acronym would best describe these regulations and rules GAAP Generally Accepted Accounting Principles FASB Financial Accounting Standards Board GASB Governmental Accounting Standards Board (Yes. The correct acronyms are GAAP Generally Accepted Accounting Principles; FASB Financial Accounting Standards Board; GASB Governmental Accounting Standards Board 10. Determining which type of organization to form can take some time to figure it out and can be based on your preferences. Why do many health organizations choose the corporate structure both a and b (Yes. The corporate structure provides for limited liability and ease of transferring ownership.) 11. Which type of organization divides equity by percentage of ownership partnership (Yes. A partnership divides equity by percentage of ownership 12. The Discount on Notes Payable account is associated with a note payable when interest is included in the obligation’s face value. (Yes. The discount on notes payable account is associated with a note payable when interest is included in the obligation’s face value.) 13. Assume that Robert Conrad, a nurse, worked 45 hours

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