S24 - Accounting - Take Home Version

Front

What is the primary purpose of accounting in a business?

Back

Tracking income, expenses, assets, and liabilities

Front

How do managers use financial reports using accounting?

Back

To make informed decisions

Front

What is the significance of understanding basic accounting concepts?

Back

To speak the standard financial language of businesses

Front

How can individuals benefit from knowing the basics of accounting and financial statements?

Back

To help decide which companies they want to work for, To help decide which companies they want to invest in, To impress people who are interviewing them for a job.

Front

Which of the following is NOT one of the two main financial statements that we learned about in this unit?
Balance sheet
Income statement
Cash flow statement

Back

Cash flow statement

Front

Which of these is a recent trend in the accounting profession? FASB, GAAP, Supercomputers, Cloud computing

Back

Cloud computing

Front

The main purpose of _____ financial reports is to provide managers and officers with information that helps them make better decisions.

Back

internal

Front

The main purpose of _____ financial reports is to provide lenders and investors with information that helps them make better decisions.

Back

external

Front

Most ______ financial statements are audited.

Back

external

Front

The primary audience for managerial accounting is _____.

Back

internal