Accounting Quiz Bee Review #4(Financial Accounting)

Financial Accounting is focused on the ____ financial statements of a company.

• External

• Internal

Financial statements report the fair market value of a company.

• True

• False

Large corporations must follow the ____ basis of accounting.

• Expense method

• cash method

• Acrrual method

• Deferred method

Corporations whose stock is publicly traded must have their financial statements ____ by independent certified public accountant.

SEC is the acronym for _____

FASB is the acronym for _____.

GAAP is the acronym for _____.

The US government agency with authority over the financial reporting requirements of publicly traded corporations is the ______.

• AICPA

• FASB

• IRS

• SEC

The non-government organization that researches and develops new accounting standards is _____

• AICPA

• FASB

• IRS

• SEC

_____-entry bookkeeping will result in at least two accounts being involved in every transaction.