Final Exam Review-Accounting

First Name

Last Name

Date

What are the three basic types of businesses?

• Service, Profit, Non-Profit
• Service, Merchandising, Manufacturing
• Profit, Manufacturing, Merchandising
• Service, Merchandising, Sales

What type of accounting document will show if a business is profitable?

• Income Statement
• Balance Sheet
• Statement of Cash Flows
• Profit/Loss Statement

What type of accounting document will show the value of a business (what they own and what they owe)?

• Income Statement
• Balance Sheet
• Statement of Cash Flows
• Profit/Loss Statement

What type of accounting document will show exactly what happened to the most important asset...Cash?

• Income Statement
• Balance Sheet
• Statement of Cash Flows
• Profit/Loss Statement

_______________________ _______________________ is generally governed by the GAAP due to their external reporting (public)

• Managerial Accounting
• Personal Accounting
• Financial Accounting
• No Fault Accounting

_______________________ _______________________ is uses both historical data and future estimates due to its disaggregated (detailed) nature?

• Managerial Accounting
• Personal Accounting
• Financial Accounting
• No Fault Accounting

An _____________________ ____________________ system is the company’s policies and procedures that assure the reliability of its accounting information.

• managerial accounting
• internal control
• bicameral legislature
• external auditing