Beg Acct: Intro Activities 1 & 2

Which of the following are concepts taught in a financial accounting course?

• Understanding and applying the policies and procedures that a business puts in place to protect the business

• Reporting what a business owns and owes

• Reporting the cash a business receives and spends

• All of these are financial accounting concepts

Which of the following are concepts taught in a managerial accounting course?

• Estimating the revenues and expenses of a product

• Recording and reporting the cost of the products a business makes

• Analyzing the relationship of the costs of a product, how much to make of a product, and how much profit a product will make for a business

• All of these are taught in a managerial accounting course.

Accounting requires advanced math skills.

• True

• False

Accounting is focused on the why and the how

• True

• False

157 minus 69 equals

• 88

• 74

• 98

• 97

0.184 rounded to the hundredths place is

• 18

• 0.18

• 0.018

• 1.80

.04 expressed as a percentage is

• 40

• 400

• 4

• .4

0.0058 expressed as a percentage is

• 58%

• .58%

• 5.8%

• .058%

250 college students were surveyed about if they liked the food choices offered by the cafeteria. 140 people said that they did like the choices offered. What percentage of the students like the food offered?

• 50%

• 56%

• 60%

• 65%

The accounting equation is

• A= L - OE

• A= L + OE

• A= L x OE

• A= L / OE