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WorksheetsAccounting 1 - Chapter 1 & 2 Vocab
Total questions: 14
Worksheet time: 7mins
Name
Class
Date
1.
An organization that operates for purposes other than making a profit
a)
not-for-profit organization
b)
for-profit business
c)
accounting system
d)
public accounting firm
2.
a business that provides a variety of accounting services including the independent audit
a)
public accounting firm
b)
accounting system
c)
financial accounting
d)
management accounting
3.
the review of a company’s accounting systems and financial statements to confirm that they follow generally accepted accounting principles
a)
audit
b)
going concern
c)
financial reports
d)
accounting system
4.
an accountant who has met education and experience requirements and passed a national test
a)
certified public accountant (CPA)
b)
business entity
c)
public accounting firm
d)
management accounting
5.
Designed to collect, document, and report on financial transactions affecting the business
a)
accounting system
b)
financial accounting
c)
management accounting
d)
public accounting firm
6.
When accounting information is processed by hand
a)
manual accounting system
b)
computerized accounting system
c)
audit
d)
management accounting
7.
When accounting information is processed by recording it into a computer
a)
computerized accounting system
b)
manual accounting system
c)
audit
d)
management accounting
8.
The set of rules that all accountants use to prepare financial reports
a)
GAAP (generally accepted accounting principles)
b)
financial reports
c)
accounting system
d)
going concern
9.
Documents that present summarized information about the financial status of a business
a)
financial reports
b)
financial accounting
c)
audit
d)
accounting system
10.
The type of accounting that focuses on reporting information to external, or outside, users
a)
financial accounting
b)
management accounting
c)
business entity
d)
going concern
11.
The type of accounting that focuses on reporting information to management
a)
management accounting
b)
financial accounting
c)
business entity
d)
audit
12.
The accounting assumption that a business exists independently of its owner’s personal holdings
a)
business entity
b)
for-profit business
c)
not-for-profit organization
d)
going concern
13.
The specific period of time covered by an accounting report
a)
accounting period
b)
accounting system
c)
financial reports
d)
financial accounting
14.
The accounting assumption that a business is expected to operate indefinitely
a)
going concern
b)
audit
c)
for-profit business
d)
financial accounting
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