Rutgers Introduction to Financial Accounting Exam 1 Questions and Answers
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Course
Financial Accounting
Institution
Financial Accounting
Three Basic Activities of Accounting - Answer-identify, record, communicate
Internal Users - Answer-marketing, management, finance, human resources
External Users - Answer-investors and creditors
Ethics - Answer-standards of conduct by which one's actions are judged as right or wrong; fair...
Rutgers Introduction to Financial
Accounting Exam 1 Questions and
Answers
Three Basic Activities of Accounting - Answer-identify, record, communicate
Internal Users - Answer-marketing, management, finance, human resources
External Users - Answer-investors and creditors
Ethics - Answer-standards of conduct by which one's actions are judged as right or
wrong; fair or unfair; honest or dishonest
Generally Accepted Accounting Principles (GAAP) - Answer-standards that are
generally accepted and universally practiced
Historical Cost Principle - Answer-dictates that companies record assets at their cost
Fair Value Principle - Answer-states that assets and liabilities should be reported at fair
value
Monetary Unit Assumption - Answer-requires that companies include accounting
records only transaction data that can be expressed in fair terms of money
Economic Entity Assumption - Answer-requires that activities of the entity kept separate
and distinct from the other activities of its owner and all other economic entities
Forms of Business Ownership - Answer-proprietorship, partnership, corporation
Proprietorship - Answer-owned by one person; owner receives all profits and is
responsible for all debts
Partnership - Answer-owned by two or more persons; unlimited personal liability;
partnership agreement
Corporation - Answer-ownership divided into shares; separate legal entity organized
under corp. law; limited liability
Transactions - Answer-business's economic events recorded by accountants; external
or internal
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