Final Exam Review-Accounting

Front

What are the three basic types of businesses? Options: Service, Profit, Non-Profit, Service, Merchandising, Manufacturing, Profit, Manufacturing, Merchandising, Service, Merchandising, Sales

Back

Service, Merchandising, Manufacturing

Front

What type of accounting document will show if a business is profitable? Options: Income Statement, Balance Sheet, Statement of Cash Flows, Profit/Loss Statement

Back

Income Statement

Front

What type of accounting document will show the value of a business (what they own and what they owe)? Options: Income Statement, Balance Sheet, Statement of Cash Flows, Profit/Loss Statement

Back

Balance Sheet

Front

What type of accounting document will show exactly what happened to the most important asset...Cash? Options: Income Statement, Balance Sheet, Statement of Cash Flows, Profit/Loss Statement

Back

Statement of Cash Flows

Front

_______________________ _______________________ is generally governed by the GAAP due to their external reporting (public)

Back

Financial Accounting

Front

_______________________ _______________________ is uses both historical data and future estimates due to its disaggregated (detailed) nature?

Back

Managerial Accounting

Front

An _____________________ ____________________ system is the company’s policies and procedures that assure the reliability of its accounting information.

Back

internal control

Front

Net income= ________________ - ____________________

Back

Revenues - Expenses

Front

This financial statement provides information on a business entity’s sale or purchase of its own stock during a period.

Back

Statement of Stockholder's Equity

Front

This financial statement shows the assets, liabilities, and stockholders’ (owner’s) equity of a business entity at a specific date.

Back

Balance Sheet