Practice Exam #2
Flashcard
•
Business
•
12th Grade
•
Practice Problem
•
Hard
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25 questions
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1.
FLASHCARD QUESTION
Front
Which of the following is a user of accounting information? Managers, Investors, Creditors, All of the above
Back
All of the above
2.
FLASHCARD QUESTION
Front
What is the purpose of a net worth statement?
Back
To show the financial position of a business at a specific point in time
3.
FLASHCARD QUESTION
Front
What must be done with data in accounting?
Back
It must be recorded and reported in accounting reports.
4.
FLASHCARD QUESTION
Front
Who uses the information provided in accounting reports to make business decisions and measure performance?
Back
Business owners, managers, investors, and others
5.
FLASHCARD QUESTION
Front
What is the process of planning, recording, analyzing, and interpreting financial information called?
Back
Accounting
6.
FLASHCARD QUESTION
Front
What is an accounting system?
Back
A planned process designed to compile financial data and summarize the results in accounting records and reports.
7.
FLASHCARD QUESTION
Front
What are financial reports that summarize the financial condition and operations of a business called?
Back
Financial Statements
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