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- 1. Multiple Choice
the systematic process of recording and reporting the Financial position of a person or an organization
financial management
accounting
financial planing
income management
- 2. Multiple Choice
Which of these is not one of the three financial statements
statement of cash flows
balance sheet
income statement
revenue statement
- 3. Multiple Choice
fixed assets are held for more than a year
a year
5 years
6 months
2 years
- 4. Multiple Choice
anything of value that is owned or controlled.
property
assets
accounts payable
equity
- 5. Multiple Choice
What financial statement includes the accounting equation?
Income statement
Balance sheet
Statement of cash flows
Audit
- 6. Multiple Choice
What is a review of accounting records and procedures?
Assets
Accounts Receivable
Audit
Liabilities
- 7. Multiple Choice
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
- 8. Multiple Choice
accounting is called...
"the business functions"
"center of business"
"the language of business"
- 9. Multiple Choice
property&other items of value owned by a business
liabilities
assets
owners equity
GAAP
- 10. Multiple Choice
total amount of money owed to a business
assets
accounts receivable
accounts payable
property
- 11. Multiple Choice
Is accounting required for a business
yes
no
maybe
not sure
- 12. Multiple Choice
creditors claims to the assets of a business
owners equity
liabilities
assets
accounts receivable
- 13. Multiple Choice
what is the accounting equation?
A+L=O/E
L=A+O/E
A=L+O/E
- 14. Multiple Choice
an owners claim to the assets of a business
assets
liabilities
owners equity
accounts receivable
- 15. Multiple Choice
which is not a financial statement
cash flow statement
invoice statement
balance sheets
income statements
- 16. Multiple Choice
rule that states that assets must always equal the sum of liabilities and owners equity
cash flow statement
income statement
accounting equation
balance sheet
- 17. Multiple Choice
report that shows incoming&outgoing money during an accounting period
balance sheet
cash flows statement
income statement
accounts payable
- 18. Multiple Choice
when revenue is greater than expenses
net profit
net loss
- 19. Multiple Choice
net loss occurs when
revenues>expenses
revenues<expenses
revenues=expenses
- 20. Multiple Choice
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
- 21. Multiple Choice
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
- 22. Multiple Choice
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
- 23. Multiple Choice
Which of the following is not measured by property?
Land
Buildings
Inventory
- 24. Multiple Choice
what is not an example of a liability
stock
Mortgage
Debt
Business Loan
- 25. Multiple Choice
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
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