CA Final Review

CA Final Review

Assessment

Flashcard

Business

12th Grade

Hard

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157 questions

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1.

FLASHCARD QUESTION

Front

What is accounting?

Back

Accounting is the information system that measures business activities, communicates the results to decision makers, and processes information into reports.

2.

FLASHCARD QUESTION

Front

Which of the following is not an external user of a business's financial information? Taxing authorities, Customers, Employees, Investors

Back

Employees

3.

FLASHCARD QUESTION

Front

Generally Accepted Accounting Principles (GAAP) are currently formulated by the

Back

Financial Accounting Standards Board (FASB)

4.

FLASHCARD QUESTION

Front

Which type of business organization is owned by only one owner?

Back

Sole Proprietorship

5.

FLASHCARD QUESTION

Front

Which best describes a corporation? Options: Business with a single owner, Not taxed, Stockholders not personally liable, Not a separate taxable entity

Back

Stockholders not personally liable

6.

FLASHCARD QUESTION

Front

Which requires that accounting information be complete, neutral and free from error?

Back

Faithful representation concept

7.

FLASHCARD QUESTION

Front

At the end of the year, Global Cleaning had total assets of $3,630 and equity of $2,280. How much were Global Cleaning's liabilities?

Back

$1,350

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