Acct 211-Liberty University Exam 1 Quizzes Questions And Answers 2024

Conceptual Framework {Ans: }Dodd-Frank Wall Street Reform and Consumer Protection Act {Ans: This act was designed to: 1. promote accountability and transparency in the financial system, 2. put an end to the notion of "too big to fail," 3. protect the taxpayer by ending bailouts, and 4. protect consumers from abusive financial services.}Sustainability Accounting Standards Board (SASB) {Ans: -Nonprofit entity engaged in creating and disseminating sustainability accounting standards for companies. -Sustainability refers to environmental, social and governance. -Environmental aspects include programs to reduce pollution and support green activities. -Standards intended to complement financial accounting standards. -SASB created their own Conceptual Framework.}Importance of Accounting {Ans: Identifying, Recording, Communicating}Partnership {Ans: -business entity -not taxed -not limited liability -not legal entity -not unlimited life}Accrual Basis {Ans: Revenues are recognized when products or services are delivered, and expenses are recognized when incurred.}