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 (a)   by independent certified public accountant.

SEC is the acronym for (a)  

FASB is the acronym for (a)   .

GAAP is the acronym for (a)   .

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

(a)   -entry bookkeeping will result in at least two accounts being involved in every transaction.