Accounting Obj 1

Front

The standards, conventions, and rules that accountants follow to prepare financial reports are known as:

Back

generally accepted accounting principles

Front

Which type of accounting focuses on reporting information to executives and internal users of information who are involved in making day-to-day operating decisions such as purchasing and hiring?

Back

management

Front

What is the term for a financial reporting period of time beginning on January 1 and ending on December 31?

Back

calendar year

Front

What is the common term for a retirement savings plan sponsored by employers that will allow workers to save and invest from their paychecks before taxes?

Back

401K savings plan

Front

Which career involves providing financial advice to help individuals and business organizations, and requires education and experience as well as passing a uniform exam? Options: bookkeeper, accounting clerk, public accountant, certified public accountant

Back

certified public accountant

Front

Which term refers to the owner having full responsibility for company debts and obligations?

Back

unlimited liability

Front

In which type of business ownership structure does each owner in the group risk losing his/her personal property even though responsibilities are shared? Options: limited liability company, sole proprietorship, partnership, corporation

Back

partnership

Front

The accounting assumption that a business is expected to survive and operate indefinitely is called a:

Back

going concern

Front

Which type of business buys raw materials and transforms them into finished products?

Back

manufacturing

Front

In which type of business are operations and production usually unaffected when ownership is transferred? Options: corporation, partnership, sole proprietorship, limited liability company

Back

corporation