WorksheetsAccounting Basics Ch 1-2
Total questions: 9
Worksheet time: 5mins
What is the type of business that is it's own entity?
Partnership
Sole Proprietorship
Corporation
Franchise
Accounting = (a) of Business
Type of business that is owned by one person
Sole Proprietorship
Corporation
Partnership
Franchise
Business with 2 or more owners
Sole Proprietorship
Corporation
Partnership
Franchise
Type of business that takes raw materials and creates products
Service
Manufacturing
Merchandising
All of the above
Type of business that resells items but does not manufacture them
Merchandising
Manufacturing
Service
Franchise
What does GAAP stand for?
Generally acclimated accounting practices
Generally avoided accounting practices
Generally accepted accounting practices
Generally accepted acknowledged practices
What is financial accounting all about?
Helping external users see the financial situation of the organization
Helping internal users see the financial situation of the organization
What does managerial accounting help the organization do?
Make decisions
Know if they should invest in stock
Know how the stock market is doing
Know if they will keep their jobs
