Question 1

________, which is one part of accounting, is the recording of transactions and events, either manually or electronically.

Accepted Answer

The answer of ________, which is one part of accounting,...

Question 2

Risk is the ________ about the return an investor expects to earn.

Accepted Answer

The answer of Risk is the ________ about the return...

Question 3

The accounting equation is ________.

Accepted Answer

The answer of The accounting equation is ________....

Question 4

The term ________ refers to a liability that promises a future outflow of resources.

Accepted Answer

The answer of The term ________ refers to a liability...

Question 5

________ is net income divided by average total assets.

Accepted Answer

The answer of ________ is net income divided by average...

Question 6

A common characteristic of ________ is their ability to yield expected future benefits to a business.

Accepted Answer

The answer of A common characteristic of ________ is their...

Question 7

The ________ describes a company's revenues and expenses along with the resulting net income or net loss over a period of time due to earnings activities.

Accepted Answer

The answer of The ________ describes a company's revenues and...

Question 8

________ explains changes in the owner's claim on the business's assets from net income or loss, owner investments, and owner withdrawals over a period of time.

Accepted Answer

The answer of ________ explains changes in the owner's claim...

Question 9

Creditors' claims on assets that reflect company obligations to provide assets, products, or services to others are called ________.

Accepted Answer

The answer of Creditors' claims on assets that reflect company...

Question 10

The owner's claim on assets, also known as net assets, is called ________.

Accepted Answer

The answer of The owner's claim on assets, also known...

Question 11

Using the accounting equation, equity is equal to ________.

Accepted Answer

The answer of Using the accounting equation, equity is equal...

Question 12

Match between columns
                        Premises:  Cash received from a one-time sale of used office equipment.
 Cash paid for withdrawals by owners.
 Cash received from customers.
 Cash received from owner contributions.
 Cash paid for utilities.
 Cash paid for a delivery van to be used in the business.

Accepted Answer

The Answer of Operating activity and Investing activity and Financing is...

Question 13

Match between columns
                        Premises:  Assets.
 Withdrawals.
 Revenues.
 Cash from investing activities.
 Expenses.
 Liabilities.
 Cash from operating activities.
 Cash from financing activities.

Accepted Answer

The Answer of Income statement and Statement of owner's equity is...

Question 14

Match between columns
                        Premises:  Statement of cash flows
 Events
 Monetary unit principle
 Business entity principle
 Revenue recognition principle
 Accounting equation
 Income statement
 Expenses
 Liabilities

Accepted Answer

The Answer of The relation between a company's assets, liabilities, is...

Question 15

Match between columns
                        Premises:  Generally accepted accounting principles
 Time period assumption
 Statement of owner's equity.
 Balance sheet
 Objectivity principle
 Measurement (Cost) principle
 Securities and Exchange Commission
 IASB
 Full disclosure principle
 Statement of cash flows

Accepted Answer

The Answer of Prescribes that assets and services to be is...

Question 16

Match between columns
                        Premises:  Know what, when, and how much to purchase.
 Judge the soundness of a customer before making sales on credit.
 Assess whether a company has paid all required taxes and complied with securities rules.
 Assess whether an organization is likely to repay its loans with interest.
 Decide whether to buy, hold, or sell a company's stock.

Accepted Answer

The Answer of Suppliers and Lenders and Shareholders and Purchasing is...

Question 17

Match between columns
                        Premises:  The uncertainty about the return to be earned.
 Resources such as cash that an owner puts into the company.
 A financial ratio stated as income divided by assets invested.
 Creditor's claims on a company's assets.
 Decreases in equity from costs of providing products or services to customers.
 Resources such as cash that an owner takes from the company for personal use.
Resources a company owns or controls that are expected to yield future benefit.
 Expresses the relation of assets, liabilities and equity in a company, comparing the resources the company owns to the sources of funds to acquire the resources.

Accepted Answer

The Answer of Return on assets and Assets and Expenses is...

Question 18

Match between columns
                        Premises:  An information and measurement system that identifies, records and communicates relevant reliable and comparable information about an organization's business activities.
 The part of accounting that involves recording transactions and events, either electronically or manually.
 Persons using accounting information who are not directly involved in running the organization.
 Persons using accounting information who are directly involved in managing and operating the organization.
 The area of accounting that serves the decision-making needs of internal users.
 The area of accounting aimed at serving external users by providing them with general-purpose financial statements.
 Accounting specialists that have met educational and experience requirements, passed an examination and exhibit ethical characteristics to achieve a professional certification.
 Beliefs that distinguish right from wrong, considered accepted standards of good and bad behavior.
 A model that asserts the factors that must exist for a person to commit fraud.

Accepted Answer

The Answer of Financial accounting and Ethics and Recordkeeping and is...

Quiz 1: Accounting in Business