Accounting Test Review- Mack
Flashcard
•
Business
•
9th - 12th Grade
•
Practice Problem
•
Hard
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96 questions
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1.
FLASHCARD QUESTION
Front
What is GAAP?
Back
Generally Accepted Accounting Principles
2.
FLASHCARD QUESTION
Front
Accounting is...
Back
Accounting is the process of recording, analyzing, and reporting a company's financial transactions.
3.
FLASHCARD QUESTION
Front
What is a Business Entity?
Back
An organization created by one or more individuals to conduct business, trade, or engage in similar activities.
4.
FLASHCARD QUESTION
Front
Going Concern
Back
An accounting term for a company that has the resources to continue making enough money to stay afloat in foreseeable future.
5.
FLASHCARD QUESTION
Front
What is an Accounting Period?
Back
A time span that covers certain accounting functions can either be a calendar or fiscal year.
6.
FLASHCARD QUESTION
Front
What is Revenue Recognition?
Back
Its revenue that is recognized when the product is delivered or when the services has been performed.
7.
FLASHCARD QUESTION
Front
The business entity concept is an accounting principle that separates a business from its owners and other organizations. For example, Mr. Mack is the owner of Safer Ride LLC, but there is a separation between he and his business. True or False?
Back
True
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