Classroom - Second Half - Fall 2024 Final - Business Management

Front

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

Back

Cloud computing

Front

The primary audience for financial accounting is _____.

Back

external

Front

What is the primary purpose of GAAP?

Back

Ensuring that financial information is consistently reported.

Front

Who defined the three main accounting elements as assets, liabilities, and owners’ equity in the late 15th century?

Back

Luca Pacioli

Front

What do accountants try to “balance” when they do a trial balance? Options: Precision and recall., Efficiency and accuracy., Debits and credits., Income and expenses., Assets and liabilities.

Back

Debits and credits.

Front

In what order are assets listed on the balance sheet? Options: Alphabetically, from first to last, Numerically, from the biggest dollar amount to the smallest, Chronologically, from the oldest assets to the newest assets, By liquidity, from the least liquid to the most liquid, By liquidity, from the most liquid to the least liquid

Back

By liquidity, from the most liquid to the least liquid

Front

What is the role of patents?

Back

Protecting inventions

Front

_____ are good for twenty years. Options: Patents, Copyrights, Trademarks

Back

Patents

Front

_____ are good forever.

Back

Trademarks

Front

True or False. The United States has one of the highest standards of living in the world.

Back

True