What is accounting?

CA Final Review

Flashcard
•
Business
•
12th Grade
•
Hard
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157 questions
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1.
FLASHCARD QUESTION
Front
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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