Ferg Acctg Bellringer 4 Financial

Anything that is man-made and makes a process easier to complete is called:

• Technology

• Machinery

• Cloud

• Optional

The discipline dealing with good and bad is the study of:

• Ethics

• Morals

• Honesty

• Practices

The Sarbanes-Oxley Act of 2002 mandates top level executive must:

• certify financial information is accurate.

• certify financial information is unbiased.

• certify financial information is reasonable.

• certify financial information is ethical.

External users of financial information may be: (mark all that apply)

• Investors

• Creditors

• Suppliers

• Government

• Employees

The ending step of the accounting cycle is to:

• Generate financial statements

• Process transactions

• Balance the accounts

• Certify receipts and expenses

Which statement tells and external user how much money a company make or lose?

• Income statement

• Statement of retained earnings

• Statement of cash flows

• Balance sheet

Which financial statement tells how much net income is reinvested in the company.

• Statement of retained earnings

• Income statement

• Balance sheet

• Statement of cash flows

Which financial statement tells exactly which accounts the company has and the balance in each.

• Balance sheet

• Income statement

• Statement of cash flows

• Statement of retained earnings.

Which statement tells what products brought revenue and how money was expensed out?

• Statement of cash flows

• Balance sheet

• Statement of retained earnings

• Income statement

Who is an internal user of accounting information? (mark all that apply)

• Owners

• Managers

• Customers

• Employees