Accounting Principle - End of Course Test

Which of the following is a synonym for accounting reports?

• Financial statements.

• Management reports.

• Annual report.

• Management discussion and analysis

Which of the following is NOT a step in the accounting process?

• Identification.

• Recording.

• Verification.

• Communication

The primary accounting standard-setting body in the United States is:

• IASB.

• FASB.

• IRS.

• None is correct.

What does FASB stand for?

• Financial Accounting Statements Bureau.

• Financial Accounting Services Board.

• Financial Accounting Standards Board.

• Fitness and Amateur Sport Branch.

What does IASB stand for?

• International Accounting Standards Board.

• International Association Synthetic Biology.

• International Advisory Standards Board.

• International Association of Speakers Bureaus.

What does IFRS stand for?

• Iron Fists Reign Supreme.

• International Financial Reporting System.

• International Financial Reporting Standards.

• Integrated Fiscal Reporting System.

An economic entity can be any organization … unit in society.

• and.

• but.

• or.

• with.

The characteristics of proprietorship are that the owner:

• receives any profits

• suffers any losses

• is personally liable for all debts of the business

• all are correct.

A working knowledge of accounting is desirable for …. every field of business

• essentially

• effectively

• virtually

• fundamentally

The law requires that creditor claims be paid …. ownership claims.

• at the same time with.

• after.

• before

• none is correct.