Ferg Acctg Bellringer 13 Financial

The term GAAP stands for_____.

• generally accepted accounting principles

• generally accredited accounting protocol

• generally accredited accounting principles

• generally accepted accounting protocol

If an investor wanted to see how much money was maintained and reinvested in the company, which financial statement would give that information?

• Statement of Retained Earnings

• Income statement

• The Dow Jones Industrial Average

• Statement of Cash Flow

A company had total revenue of $20,000 for the month ending March 31. In the same time period, the company had $12,000 in expenses. What was the company's net income or net loss?

• $8,000 Net Income

• $32,000 Net Income

• $8,000 Net Loss

• $32,000 Net Loss

What is the term for an examination of a company's financial records by someone that is not an employee of the company?

• External Audit

• Internal Audit

• Financial Statements

• Auditor

What are the rules and regulations that must be followed when reporting all financial data?

• Accounting Principles

• Objectives

• Going-concern

• Revenue Recognition

How can money be brought into a company?

• As revenue

• As expenses

• As liabilities

• As net loss

ABC Ropes is interested in buying a retail store front to sell their ropes as they have previously only been selling online. ABC takes a loan from the bank in order to purchase a retail space outright. ABC receives a $250,000 loan from the bank to purchase their retail space. What is this $250,000 categorized as and what type of activity is it?

• Cash Inflow, Financing Activity

• Cash Outflow, Investing Activity

• Cash Inflow, Operating Activity

• Cash Outflow, Operating Activity

Assets, liabilities and owner's equity are reported on which financial statement report?

• Balance Sheet

• Statement of Cash Flow

• Statement of Retained Earnings

• Income Statement