CA Final Review

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.

Front

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

Back

Employees

Front

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

Back

Financial Accounting Standards Board (FASB)

Front

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

Back

Sole Proprietorship

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

Front

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

Back

Faithful representation concept

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

Front

Global Cleaning sold and performed services on account for $6,400 and paid expenses totalling $2,500. What is Global Cleaning's net income or net loss?

Back

Net income of $3,900

Front

Global Cleaning performed cleaning services for a department store on account for $180. What is the impact on the accounting equation?

Back

Increase both assets and equity by $180

Front

The balance sheet reports the

Back

Financial position on a specific date