Finance Semester One

Accounting is the process of making sure all expenses are paid.

• Ture

• False

What is the accounting equation?

• liabilities + assets=owners equity

• liabilities-assets=owners equity

• assets=libilities +owners equity

Which of the following is the best example of a service business.

• CVS

• LOEWS

• LANDSCAPER

• MACYS

A formal written document that describes the nature of a business and how it will operate.

• Sole Proprietorship

• Corporation

• Liability

• Business Plan

____ is the standards and rules that accountants follow while recording and reporting financial activities.

If you wanted to double $24,000 at a rate of 7% how many years would it take.

• 10

• 15

• 6

• 40

Accounting is the language of

The principles of right and wrong that guide your decisions is.

• Ethics

• Morals

Per Diem is an allowance provided by an employer for travel expenses.

• True

• False

What is anything owned?