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Accounting Quizes with verified correct answers.
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Accounting Quizes with verified correct answers.
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Accounting Quizes with verified correctanswers.
Accounting ANS - the process of measuring, interpreting, and communicating financial information to
enable people inside and outside the firm to make informed decisions
Who are the major users of accounting information? ANS - Owners, stockholders, potential investors,
creditors
Management
Employees, union officials
Lenders, suppliers
Government agencies, economic planners, and consumer groups
Three major business activities in which accountants play a major role ANS - Financing activities provide
necessary funds to start/expand a business
Investing activities provide valuable assets required to run a business
Operating activities focus on selling goods/services, but also consider expenses as important elements of
sound financial management
What is GAAP? ANS - Generally accepted accounting principles
rules for accounting in the US
FASB ANS - Financial accounting standards board
makes the rules for GAAP
SEC ANS - US Securities and exchange commission
chief federal regulator of financial markets and accounting industry
has authority to establish financial accounting and reporting standards for publicly held companies
SOX ANS - Sarbanes-Oxley act
, increased the reporting requirement for publicly traded companies
created because of decline in public trust
why CEO's responsible to know exactly what their people are doing because of SOX
Double-entry bookkeeping ANS - each transaction must have an offsetting transaction
4 Major Financial Statements ANS - Balance sheet
Income statement
Statement of owners' equity
Statement of cash flows
Difference between a current and a long-term asset ANS - Current: cash/other assets that are expected
to be converted to cash within a year
Long-term: assets that are useful for more than 1 year
Balance sheet ANS - What a company owns
What a company owes
Owners'/shareholder's equity leftover
Only accurate for one day (snapshot in time)
Why is a a balance sheet useful? ANS - Can they pay their bills?
How much money has been invested in them?
What do they have?
Two ways to get stuff ANS - Debt financing
Equity financing
Debt financing ANS - Borrowing $ from credit card companies/banks
Have to pay it back over time with interest
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