

Nature of Accounting
Flashcard
•
Financial Education
•
12th Grade
•
Hard
Wayground Content
FREE Resource
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16 questions
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1.
FLASHCARD QUESTION
Front
Which of the following best describes a business owned by two or more individuals? Sole Proprietorship, Partnership, Corporation, Service Business
Back
Partnership
2.
FLASHCARD QUESTION
Front
What are tangible items that can be touched and sold to customers called?
Back
Goods
3.
FLASHCARD QUESTION
Front
Which term refers to the process of recording financial transactions, preparing reports, and interpreting information used to make wise financial decisions?
Back
Accounting
4.
FLASHCARD QUESTION
Front
A business that earns profits by providing services that meet customer needs and wants is known as a:
Back
Service Business
5.
FLASHCARD QUESTION
Front
Why is it important for businesses to follow the rules, standards, and practices known as GAAP?
Back
To ensure consistency and reliability in financial reporting
6.
FLASHCARD QUESTION
Front
Which of the following is a key reason ethics are important in accounting?
To increase sales,
To ensure financial information is trustworthy,
To encourage competition,
To reduce costs
Back
To ensure financial information is trustworthy
7.
FLASHCARD QUESTION
Front
Which form of business is easiest to start but has unlimited liability? Options: Sole Proprietorship, Partnership, Corporation, Merchandising Business
Back
Sole Proprietorship
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