the Accounting Industry

Which of the following correctly defines the acronym GAAP?

• A. Generally Accrued Accounting Principles

• B. Generally Accepted Accounting Process

• C. Generally Advised Accounting Principles

• D. Generally Accepted Accounting Principles

Which type of accounting is used to develop information for outside sources such as investors?

• Tax accounting

• External accounting

• Financial accounting

• Management accounting

Which of the following occurs when the amount of money earned is greater than the amount of money spent?

• Profit

• Loss

• Depreciation

• Social Cost

Which of the following refers to additional costs beyond normal business costs due to an activity or policy?

• Profit

• Loss

• Depreciation

• Social Cost

An expense being reported at the same time as its corresponding revenue is an example of which of the following principles?

• Cost principle

• Matching principle

• Disclosure principle

• Going concern principle

Which of the following refers to a company’s moral duty to uphold laws and regulations?

• Profit responsibility

• Regulatory responsibility

• Ethical responsibility

• Social cost

Which type of accountant is able to work with multiple clients in different industries?

• Public accountant

• Internal accountant

• Management accountant

• General ledger accountant

Mr. Lewis discovered the mayor of his town was purchasing football tickets with city funds. Which of the following types of accountant is Mr. Lewis?

• Tax accountant

• Public accountant

• Government accountant

• General ledger accountant

Which of the following can be defined as an individual who owns a part of a company through stock ownership?

• Auditor

• Shareholder

• Creditor

• Tax accountant

Which of the following occurs when the amount of money earned is less than the amount of money spent?

• Profit

• Loss

• Depreciation

• Social Cost