Question 1

The three major types of business activities are operating, financing, and investing.

Accepted Answer

A) True 
 B)False

Question 2

Resources such as cash removed from the business by the business owner for personal use are called ____________.

Accepted Answer

The answer of Resources such as cash removed from the...

Question 3

Generally accepted accounting principles are the basic assumptions, concepts, and guidelines for preparing financial statements.

Accepted Answer

A) True 
 B)False

Question 4

As a general rule, revenues should not be recognized in the accounting records when earned, but rather when cash is received.

Accepted Answer

A) True 
 B)False

Question 5

Identify and describe the two main groups involved in establishing generally accepted accounting principles.

Accepted Answer

The Financial Accounting Standards Board

Question 6

Distributions of cash or other resources by a business to its stockholders are called:

Accepted Answer

A) Dividends. 
B) Expenses. 
C) Assets. 
D) Retained earnings. 
E) Net Income. 
A) Dividends. 
B) Expenses. 
C) Assets. 
D) Retained earnings. 
E) Net Income.

Question 7

The accounting equation is ______________________________.

Accepted Answer

Assets = L

Question 8

Understanding generally accepted accounting principles is not necessary to effectively use and interpret financial statements.

Accepted Answer

A) True 
 B)False

Question 9

All of the following are classified as liabilities except:

Accepted Answer

A) Supplies. 
B) Bonds Payable. 
C) Wages Payable. 
D) Accounts Payable. 
E) Interest Payable. 
A) Supplies. 
B) Bonds Payable. 
C) Wages Payable. 
D) Accounts Payable. 
E) Interest Payable.

Question 10

There are three major types of business activities. ________________ activities involve the acquisition and disposal of resources that an organization uses to acquire and sell its products or services.

Accepted Answer

The answer of There are three major types of business...

The three major types of business activities are operating, financing, and investing.

Resources such as cash removed from the business by the business owner for personal use are called ____________.

Generally accepted accounting principles are the basic assumptions, concepts, and guidelines for preparing financial statements.

As a general rule, revenues should not be recognized in the accounting records when earned, but rather when cash is received.

Identify and describe the two main groups involved in establishing generally accepted accounting principles.

Distributions of cash or other resources by a business to its stockholders are called:

The accounting equation is ______________________________.

Understanding generally accepted accounting principles is not necessary to effectively use and interpret financial statements.

All of the following are classified as liabilities except:

There are three major types of business activities. ________________ activities involve the acquisition and disposal of resources that an organization uses to acquire and sell its products or services.

Accounting System and Financial Statements

Adjusting Accounts for Financial Statements

Reporting and Analyzing Merchandising Operations

Reporting and Analyzing Inventories

Reporting and Analyzing Cash and Internal Controls

Reporting and Analyzing Receivables

Reporting and Analyzing Long-Term Assets

Reporting and Analyzing Current Liabilities

Reporting and Analyzing Long-Term Liabilities

Reporting and Analyzing Equity

Reporting and Analyzing Cash Flows

Analyzing and Interpreting Financial Statements

Applying Present and Future Values

Investments and International Operations

Reporting and Analyzing Partnerships

Filters

Exam 1: Introducing Financial Accounting

The three major types of business activities are operating, financing, and investing.

Resources such as cash removed from the business by the business owner for personal use are called ____________.

Generally accepted accounting principles are the basic assumptions, concepts, and guidelines for preparing financial statements.

As a general rule, revenues should not be recognized in the accounting records when earned, but rather when cash is received.

Identify and describe the two main groups involved in establishing generally accepted accounting principles.

Distributions of cash or other resources by a business to its stockholders are called:

The accounting equation is ______________________________.

Understanding generally accepted accounting principles is not necessary to effectively use and interpret financial statements.

All of the following are classified as liabilities except:

There are three major types of business activities. ________________ activities involve the acquisition and disposal of resources that an organization uses to acquire and sell its products or services.

Accounting System and Financial Statements

Adjusting Accounts for Financial Statements

Reporting and Analyzing Merchandising Operations

Reporting and Analyzing Inventories

Reporting and Analyzing Cash and Internal Controls

Reporting and Analyzing Receivables

Reporting and Analyzing Long-Term Assets

Reporting and Analyzing Current Liabilities

Reporting and Analyzing Long-Term Liabilities

Reporting and Analyzing Equity

Reporting and Analyzing Cash Flows

Analyzing and Interpreting Financial Statements

Applying Present and Future Values

Investments and International Operations

Reporting and Analyzing Partnerships

Filters