Accounting Fundamentals CH 1 Quiz

What does GAAP stand for

• Good Apples Are Perfect

• Grandmas Are Always Punctual

• General Accepted Accounting Principals

• General Art Are Pleasant

​ (a)   is making contacts with people to share information and advice. (Business Related)

• Networking
• Friendship
• TikTok
• Dinner

A ​ (a)   handles a broad range of responsibilities, makes business decisions, and prepares and

interprets financial reports.

• Accountant
• Manager
• Principal
• Logistics Engineer

A ​ (a)   ​ business operates to

earn money for their owners.

• For-Profit
• Non-Profit
• Charity
• Football Team

An ​ (a)   is the review of a company’s accounting systems and financial statements to confirm that they follow

generally accepted accounting principles.

• Audit
• Record
• Invasion
• Checkup

CPA stands for

• Certified Personal Accountant

• Certified People Audit

• Care Professional Animal

• Careful Personal Accountant

​ ​ (a)   are the principles you live by and the beliefs that are important to

you.

• Values
• Skills
• Personality
• Network

The use of accounting skills to investigate fraud or embezzlement and to analyze financial information for use in legal proceedings.

• Fact Checking

• Skill Accounting

• Forensic Accounting

• Balance Sheeting

The Accounting Equation

​ (a)   = ​ (b)   + ​ (c)  

• Assets
• Liabilities
• Equity
• Money

The stuff the business ​ (a)   is equal to the stuff the business ​ (b)  

• Owns
• Owes
• Buys
• Sells