ACC 231 QUESTIONS WITH CORRECT ANSWERS

business CORRECT ANSWER Accounting is sometimes called the language of ----- be prepared differently by each company CORRECT ANSWER Financial accounting info should ......... Investors who purchase an ownership in the business CORRECT ANSWER Stockholder can best be defined as which of the following? lender CORRECT ANSWER Janex Corporation has borrowed 100,000 from Bank of America, payable in two years, which makes the bank a _____________ for Janex Cor Securities and Exchange Commission (SEC) CORRECT ANSWER Which US Government Agency has the ultimate Authority to establish guidelines for the accounting profession? Creditors CORRECT ANSWER Have loaned funds for use in the very short-term PCAOB (Public Company Accounting Oversight Board) CORRECT ANSWER Establishes auditing standards in the US for public companies FASB (Financial Accounting Standards Board) CORRECT ANSWER sets accounting standards in the U.S. Sec CORRECT ANSWER Regulates the financial reporting for public companies Lenders CORRECT ANSWER have loaned funds for long term use by the company Customers CORRECT ANSWER interested in after-sales services Public Companies CORRECT ANSWER Companies whose stock are listed on stock exchanges for sale IASB (International Accounting Standards Board) CORRECT ANSWER Set global accounting standards Stakeholders CORRECT ANSWER Stockholders, creditors, governmental and regulatory agencies, customers, management and other employees interested in the company affairs A business owned by two persons CORRECT ANSWER Which of the following option is NOT a characteristic of a solo proprietorship ? owners have unlimited liability CORRECT ANSWER Which of the following options is NOT a characteristic of a corporation?