15 questions
Sole Proprietorship is an incorporated business that is directly owned by a single individual.
True
False
Limited Liability Company is a combine features of corporations and sole proprietorship.
True
False
Managerial accounting is designed around the necessity of managers and not necessarily controlled or regulated.
True
False
Refers to a company's book value.
Equity or Equity Accounts
Accounts
Accounting
Is the total amount of income generated by the sale of goods or services related to the company's primary operations.
Asset
Revenue or revenue accounts
Liabilities
Any resource owned or controlled by a business or an economic entity.
Asset or asset accounts
Equity
Expense
Accounting is the system of recording financial transactions with both numbers and text in the form of financial statements.
True
False
Luca Pacioli is known as the "Father of Accounting"
True
False
Public accountants are accountants working within a single/specific entity.
True
False
A credit is an accounting entry that either increases a liability or equity account, or decreases an asset or expense account
True
False
A debit is an accounting entry that either increases revenue or expenses account, or decreases a liability or equity account.
True
False
Accounting standards is a common set of principles, standards, procedures that defines the basis of financial accounting policies and practices.
True
False
Overview of revenues, expenses, net income, and earnings per share
Income statement
Balance sheet
Shareholders' Equity
Measures how well a company generates cash to pay its debt obligations, fund its operating expenses, and fund investments.
Balance sheet
Income statement
Cash flow statement
Changes made in cash, accounts receivable, depreciation, inventory, and accounts payable.
Financing activities
Operating activities
Financing activities