WorksheetsACC I Unit 1
Total questions: 10
Worksheet time: 5mins
The standards, conventions, and rules that accountants follow to prepare financial reports are known as:
generally accepted accounting principles
accounting and audit procedures
management accounting
executive accounting
Which term refers to the owner having full responsibility for company debts and obligations?
limited liability
stock obligation
unlimited liability
taxation obligation
The accounting assumption that a business is expected to survive and operate indefinitely is called a:
business entity
capital concern
charter entity
going concern
In which type of business ownership structure does each owner in the group risk losing his/her personal property even though responsibilities are shared?
limited liability company
sole proprietorship
partnership
corporation
Which type of business buys raw materials and transforms them into finished products?
entrepreneurial
manufacturing
merchandising
service
What is the common term for a retirement savings plan sponsored by employers that will allow workers to save and invest from their paychecks before taxes?
401(k) savings plan
certificate of deposit
529 savings plan
stock fund
What is the term for a financial reporting period of time beginning on January 1 and ending on December 31?
accounting cycle
calendar year
budget year
audit cycle
In which business ownership structure are business debts the total responsibility of a business so that personal property of the owner is protected from loss?
corporation
partnership
sole proprietorship
limited liability company
The amount of money earned above the amount of expenses incurred to keep a business in operation is called:
net loss
net profit
equity capital
going concern
Which type of accounting focuses on reporting information to executives and internal users of information who are involved in making day-to-day operating decisions such as purchasing and hiring?
computerized
financial
management
manual
