Accounting 101 Final Exam Ivy Tech 2019 - Questions & Detailed Solutions

when cash is recieved {Ans: When is revenue recognized in cash basis accounting?}Statement of Cash Flows {Ans: summarizes the cash receipts and cash payments over a period of time}par value {Ans: is an arbitrary amount that establishes the legal capital for each share.}bond issued at par {Ans: market=stated}net income is lower using LIFO compared to FIFO {Ans: During a period of rising, how is net income affected with LIFO and FIFO?}total stockholders equity {Ans: (preferred stock + common stock + additional paid in capital + total retained earnings) - treasury stock}