Accounting 1 Unit 1 Review

In a __________ people are free to produce the goods and services they choose.

• Free Enterprise System

• Marketing System

• Collaboration

• None

What is Capital?

• A main city in a state.

• The first big letter in a sentence.

• None.

• Money to start up a business.

The three types of business operations are Service, Merchandising, and ________.

• Entrepreneur

• Manufacturing

• Sole Proprietorship

• Partnership

The three forms of a business organization are:

• Partnership

• Sole Proprietorship

• Manufacturing

• Corporation

An advantage of a Partnership is that it's easy to start.

• True

• False

One purpose of accounting is to analyze what is profitable in a business.

• True

• False

The basic GAAP Assumptions are: (choose 3)

• Accounting

• Business Entity

• Going Concern

• Time Period

The GAAP Assumption that says it is assumed that a business will continue to operate in the future is Time Period.

• True

• False

Select all careers in accounting.

• CPA

• General Ledger Accountant

• Auditor

• Forensic Accountant

The IRS collects federal taxes.

• True

• False