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25 questions
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- Multiple ChoicePlease save your changes before editing any questions.
the systematic process of recording and reporting the Financial position of a person or an organization
financial management
accounting
financial planing
income management
- Multiple ChoicePlease save your changes before editing any questions.
Which of these is not one of the three financial statements
statement of cash flows
balance sheet
income statement
revenue statement
- Multiple ChoicePlease save your changes before editing any questions.
fixed assets are held for more than a year
a year
5 years
6 months
2 years
- Multiple ChoicePlease save your changes before editing any questions.
anything of value that is owned or controlled.
property
assets
accounts payable
equity
- Multiple ChoicePlease save your changes before editing any questions.
What financial statement includes the accounting equation?
Income statement
Balance sheet
Statement of cash flows
Audit
- Multiple ChoicePlease save your changes before editing any questions.
What is a review of accounting records and procedures?
Assets
Accounts Receivable
Audit
Liabilities
- Multiple ChoicePlease save your changes before editing any questions.
What is the generally accepted accounting principles(GAAP)?
The total amount of money owned to a business
Set of accounting rules used by accountants to prepare reports
An owner's claim to the assets of a business
Creditors' claims to the assets of a business
- Multiple ChoicePlease save your changes before editing any questions.
accounting is called...
"the business functions"
"center of business"
"the language of business"
- Multiple ChoicePlease save your changes before editing any questions.
property&other items of value owned by a business
liabilities
assets
owners equity
GAAP
- Multiple ChoicePlease save your changes before editing any questions.
total amount of money owed to a business
assets
accounts receivable
accounts payable
property
- Multiple ChoicePlease save your changes before editing any questions.
Is accounting required for a business
yes
no
maybe
not sure
- Multiple ChoicePlease save your changes before editing any questions.
creditors claims to the assets of a business
owners equity
liabilities
assets
accounts receivable
- Multiple ChoicePlease save your changes before editing any questions.
what is the accounting equation?
A+L=O/E
L=A+O/E
A=L+O/E
- Multiple ChoicePlease save your changes before editing any questions.
an owners claim to the assets of a business
assets
liabilities
owners equity
accounts receivable
- Multiple ChoicePlease save your changes before editing any questions.
which is not a financial statement
cash flow statement
invoice statement
balance sheets
income statements
- Multiple ChoicePlease save your changes before editing any questions.
rule that states that assets must always equal the sum of liabilities and owners equity
cash flow statement
income statement
accounting equation
balance sheet
- Multiple ChoicePlease save your changes before editing any questions.
report that shows incoming&outgoing money during an accounting period
balance sheet
cash flows statement
income statement
accounts payable
- Multiple ChoicePlease save your changes before editing any questions.
when revenue is greater than expenses
net profit
net loss
- Multiple ChoicePlease save your changes before editing any questions.
net loss occurs when
revenues>expenses
revenues<expenses
revenues=expenses
- Multiple ChoicePlease save your changes before editing any questions.
what is a financial plan?
a set of financial documents
a set of documents that a accountant uses
a set of documents that mrs. Beale wrote
a short description of your business
- Multiple ChoicePlease save your changes before editing any questions.
What is capital
Money supplied by investors, and banks
Money supplied by owner or owners of the business
Money from family members
Money from trees
- Multiple ChoicePlease save your changes before editing any questions.
What is a financial forecast
An estimate of how the business will be doing in the next few years
a estimate of your stock
an estimate of your loan interest
a estimate of your taxes
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following is not measured by property?
Land
Buildings
Inventory
- Multiple ChoicePlease save your changes before editing any questions.
what is not an example of a liability
stock
Mortgage
Debt
Business Loan
- Multiple ChoicePlease save your changes before editing any questions.
What is equity
Present value of an asset less all claims against it
creditors claim to the assets of the business
total amount of the money owed to a business