Question 1

Another name for net income of a business is _________________________.

Accepted Answer

The answer of Another name for net income of a...

Question 2

Match the following business forms with their characteristics below.
-Must file articles of incorporation with the state
A)Sole proprietorship
B)Partnership
C)Corporation

Accepted Answer

Only corporations are required to file articles of incorporation with the state.

Question 3

The concept that assumes that an entity is not in the process of liquidation is _________________________.

Accepted Answer

The answer of The concept that assumes that an entity...

Question 4

Good quality information should be both _____________ and present a __________________.

Accepted Answer

The answer of Good quality information should be both _____________...

Question 5

_____________ is the type of accounting used by external parties.

Accepted Answer

The answer of _____________ is the type of accounting used...

Question 6

The process of identifying, measuring, and communicating economic information to various users is called ____________________.

Accepted Answer

The answer of The process of identifying, measuring, and communicating...

Question 7

The three types of business activities in which all corporations engage are _______________________, ______________________, and _____________________.

Accepted Answer

The answer of The three types of business activities in...

Question 8

The federal government agency with the ultimate authority to determine the rules in preparing statements for companies whose stock is sold to the public is the __________________________________________________.

Accepted Answer

The answer of The federal government agency with the ultimate...

Question 9

Owners of corporations are called ____________________.

Accepted Answer

The answer of Owners of corporations are called ____________________....

Question 10

Match the following business forms with their characteristics below.
-Single owner
A)Sole proprietorship
B)Partnership
C)Corporation

Accepted Answer

A Sole proprietorship has a single owner.

Question 11

A ____________ is a certificate that represents a corporation's promise to repay a certain amount of money and interest in the future.

Accepted Answer

The answer of A ____________ is a certificate that represents...

Question 12

The various methods, rules, practices, and other procedures that have evolved over time in response to the need to regulate the preparation of financial statements are called __________________________________________________.

Accepted Answer

The answer of The various methods, rules, practices, and other...

Question 13

___________________ means the presentation of information is free from bias toward a particular result.

Accepted Answer

The answer of ___________________ means the presentation of information is...

Question 14

Match the following business forms with their characteristics below.
-Need an agreement about contributions to the business
A)Sole proprietorship
B)Partnership
C)Corporation

Accepted Answer

Partnerships require an agreement about contributions from all partners, whereas sole proprietorships do not have multiple owners and corporations have specific requirements for the distribution of ownership and control.

Question 15

Match the following business forms with their characteristics below.
-Easy to raise large sums of money
A)Sole proprietorship
B)Partnership
C)Corporation

Accepted Answer

Corporations are the only business form among the choices that allow for easy raising of large sums of money through the sale of stocks and bonds. Sole proprietorships and partnerships typically rely on personal funds and loans to finance their business activities.

Question 16

The concept that assumes that assets are recorded at the amount to acquire them is called the _________________________.

Accepted Answer

The answer of The concept that assumes that assets are...

Question 17

The names of the four financial statements are ________________________________, ________________________________, ________________________________, and ________________________________

Accepted Answer

The answer of The names of the four financial statements...

Question 18

The private sector group with authority to set accounting standards is the _______________________________________________.

Accepted Answer

The answer of The private sector group with authority to...

Question 19

______________________ consists of all activities necessary to provide the members of an economic system with goods and services.

Accepted Answer

The answer of ______________________ consists of all activities necessary to...

Question 20

In 2002, Congress passed the ________________ Act to bring reform to corporate accountability and stewardship in the wake of a number of major corporate scandals.

Accepted Answer

The answer of In 2002, Congress passed the ________________ Act...

Quiz 1: Accounting As a Form of Communication

Another name for net income of a business is _________________________.

Match the following business forms with their characteristics below. -Must file articles of incorporation with the state

The concept that assumes that an entity is not in the process of liquidation is _________________________.

Good quality information should be both _ and present a ______.

_____________ is the type of accounting used by external parties.

The process of identifying, measuring, and communicating economic information to various users is called ____________________.

The three types of business activities in which all corporations engage are _, , and _.

The federal government agency with the ultimate authority to determine the rules in preparing statements for companies whose stock is sold to the public is the __________________________________________________.

Owners of corporations are called ____________________.

Match the following business forms with their characteristics below. -Single owner