CoB 241 Review (ch 1-5)

Which type of accounting refers to information for external stakeholders?

• Managerial Accounting

• Financial Accounting

• External Accounting

• Cost Accounting

Which type of accounting refers to information for internal stakeholders?

• Managerial Accounting

• Financial Accounting

• External Accounting

• Cost Accounting

Which of the following are sections of a 10-k (Annual report) - check all that apply

• Management's Discussion & Analysis

• The financial statements

• Auditor's Report

• Footnotes to the financial statements

What are the accounting rules in the U.S. called?

• General financial reporting rules

• Generally accessed auditing pronouncements

• Financial Accounting Standards Board

• Generally accepted accounting principles

Who sets accounting standards in the U.S.?

• ACC

• IASB

• FASB

• PCAOB

What are dividends?

• distributions to shareholders

• an expense

• payments from common stock

• payments to merchandise suppliers

Which of the following are included in Shareholders' Equity? (check all that apply)

• assets

• retained earnings

• liabilities

• common stock

What's retained earnings?

• this year's revenues less this year's dividends

• the accumulation of all net income less all dividends

• not spending my money from my job

• revenues that I keep by not spending any on expenses

Which one of the following is NOT a source of financing?

• using retained earnings

• dividends

• creditors (debt)

• owners (investors)

Which of the following are legitimate rules of journal entries? (check all that apply)

• only two accounts will be affected by any one journal entry

• debits should be indented to the right

• there must be at least one debit and at least one credit

• all debits must equal all credits