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Worksheetsintro to business chapter 14
Total questions: 27
Worksheet time: 27mins
What does GAAP mean?
generally accepted accounting principals
a yearly document that describes a firm's financial status
things of value owned by a firm
an accountant that has passed a test by the AICPA
What is an Annual Report
financial statement that summarizes a firm's financial posistion at a specific point in time.
I dont know :|
yearly document that describes a firms financial status
the total ammount of investment in the firms minus any liabilities: net worth
assets are:
debt- what a firm owes
generally accepted accounting principals
a document that describes a firm's financial status
things of value owned by a firm
define financial accounting
reviewing records used to prepare financial statements
focuses on preparing external financial reports that are used by outsiders
provides financial information that managers inside the organization can use to make decisions
generally accepted accounting princeipals
the speed at which an asset can be converted to cash is called?
Auditing
Liabilities
Assets
Liquidity
what is an accountant that has passed a test by the AICPA called?
CPA
GAAP
An Accountant
CPA stands for Certified Public Accountant
True
False
Total profit minus all dividends paid to stockholders equals
GAAP
owners equity
retained earnings
deprication
define: each transaction is recorded as 2 entities, so that 2 accounts or records are charged.
auditing
Double-Entry Bookkeeping
financial accounting
deprecation
managerial accounting is-
providing financial information that managers inside the organization can use to make decisions.
a financial statement that summarizes a firm's financial position at a specific point in time.
The total amount of investment in the firm minus any liabilities: Net worth.
liabilities are-
things of value owned by a firm
workers
what a firm owes (debt)
dangers in an organization's location
the allocation of an asset's original cost to the years in which it is expected to produce revenue is called
liabilities
deprication
Liquidity
auditing
Auditing is:
things of value owned by a firm
the speed at which an asset can be converted into cash
what a firm owes(debt)
reviewing records used to prepare financial statements
the total ammount of investment in the firm minus any liabilities (net worth) equals
GAAP
double- entry bookkeeping
Owners Equity
retained earnings
A Balance Sheet is a financial statement that summarizes a firms finnancial position at a specific point in time.
true
false
the difference between net sales and the cost of goods sold equals:
Revenue
Gross profits
Net profit
Net sales
______ is calculated by subtracting all expenses from revenues
Net sales
Acid test
Revenue
Net Profit
a(n) _______ summarizes the firm's revenues and expenses and shows its total profit or loss over a period of time.
income statement
statement of cash flows
earnings per share
net sales
what is an acid test?
a test to see how acidic something is
a ration of total current assets (excluding current inventory) to total current liabilities
Expenses are the cost of generating revenue
true
false
Net Working capitol is calculated by:
subtracting all expenses from revenues
subtracting net sales from net profit
subtracting total current liabilities from total current assets
what is the ratio of net profit to the number of shares of common stock
Acid test
Net sales
Net profit
Earnings Per Share
Revenue is the dollar amount of sales plus any other income received from sources such as interest
true
false
what is a Statement of Cash Flows
money flowing in a river
a summary of the money flowing into and out of a firm
an income statement
what is the amount left after deducting sales discounts and returns and allowances from gross sale?
gross sale
Net profit
Net income
Net sales
what are the three financial statements that are included in the annual report?
Balance Sheet
Income statement
Gross Profit
Statement of Cash Flows
what are the largest public accounting firms called?
The Big 4
The Top Firms
The Fantastic Firms
