Question 1

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 2

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 3

____________ are the increases in equity from a company's sales of products and services to customers.

Accepted Answer

The answer of ____________ are the increases in equity from...

Question 4

Resources such as cash removed from the business by the business owner for personal use are called ____________.

Accepted Answer

The answer of Resources such as cash removed from the...

Question 5

There are three major types of business activities. ______________ activities involve using resources to research, develop, purchase, produce, distribute, and market products and services and receiving amounts from selling products and services.

Accepted Answer

The answer of There are three major types of business...

Question 6

The assumption that requires that a business be accounted for separately from its owners is the __________________ assumption.

Accepted Answer

The answer of The assumption that requires that a business...

Question 7

There are three major types of business activities. ________________ activities involve the acquisition and disposal of resources that an organization uses to acquire and sell its products or services.

Accepted Answer

The answer of There are three major types of business...

Question 8

The _______________ principle requires that financial information is supported by independent, unbiased evidence.

Accepted Answer

The answer of The _______________ principle requires that financial information...

Question 9

_________ are beliefs that separate right from wrong and are considered accepted standards of good and bad behavior.

Accepted Answer

The answer of _________ are beliefs that separate right from...

Question 10

The ______________ assumption assumes business will continue operating indefinitely instead of being closed or sold.

Accepted Answer

The answer of The ______________ assumption assumes business will continue...

Question 11

There are three major types of business activities. ________________ activities are the means organizations use to pay for resources such as land, building, and equipment to carry out plans.

Accepted Answer

The answer of There are three major types of business...

Question 12

__________________ is an information and measurement system that identifies, records and communicates relevant, reliable and comparable information about an organization's economic activities.

Accepted Answer

The answer of __________________ is an information and measurement system...

Question 13

A ____________________ is a business that is owned by only one person.

Accepted Answer

The answer of A ____________________ is a business that is...

Question 14

There are at least three types of partnerships that limit the partners' liability. They are 1) _____________________, 2) ___________________, and 3) ______________________.

Accepted Answer

The answer of There are at least three types of...

Question 15

Congress passed the ______________________ to help curb financial abuses at companies that issue their stock to the public.

Accepted Answer

The answer of Congress passed the ______________________ to help curb...

Question 16

A disadvantage of a sole proprietorship is the fact that the owner has ______________.

Accepted Answer

The answer of A disadvantage of a sole proprietorship is...

Question 17

The ________________ assumption states that transactions and events are expressed in money units.

Accepted Answer

The answer of The ________________ assumption states that transactions and...

Question 18

______________ is the area of accounting aimed at serving external users by providing them with general-purpose financial statements.

Accepted Answer

The answer of ______________ is the area of accounting aimed...

Question 19

In accounting, the rule that requires that assets, services, and liabilities be recorded initially at the cash or cash-equivalent value of what was given up or of the item received is called the ________________________.

Accepted Answer

The answer of In accounting, the rule that requires that...

Question 20

______________ users of accounting information are not directly involved in running the organization.

Accepted Answer

The answer of ______________ users of accounting information are not...

Quiz 1: Introducing Financial Accounting

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

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

____________ are the increases in equity from a company's sales of products and services to customers.

Resources such as cash removed from the business by the business owner for personal use are called ____________.

There are three major types of business activities. ______________ activities involve using resources to research, develop, purchase, produce, distribute, and market products and services and receiving amounts from selling products and services.

The assumption that requires that a business be accounted for separately from its owners is the __________________ assumption.

There are three major types of business activities. ________________ activities involve the acquisition and disposal of resources that an organization uses to acquire and sell its products or services.

The _______________ principle requires that financial information is supported by independent, unbiased evidence.

_________ are beliefs that separate right from wrong and are considered accepted standards of good and bad behavior.

The ______________ assumption assumes business will continue operating indefinitely instead of being closed or sold.

There are three major types of business activities. ________________ activities are the means organizations use to pay for resources such as land, building, and equipment to carry out plans.

__________________ is an information and measurement system that identifies, records and communicates relevant, reliable and comparable information about an organization's economic activities.

A ____________________ is a business that is owned by only one person.

There are at least three types of partnerships that limit the partners' liability. They are 1) ___________, 2) _, and 3) ______________.

Congress passed the ______________________ to help curb financial abuses at companies that issue their stock to the public.

A disadvantage of a sole proprietorship is the fact that the owner has ______________.

The ________________ assumption states that transactions and events are expressed in money units.

______________ is the area of accounting aimed at serving external users by providing them with general-purpose financial statements.

In accounting, the rule that requires that assets, services, and liabilities be recorded initially at the cash or cash-equivalent value of what was given up or of the item received is called the ________________________.

______________ users of accounting information are not directly involved in running the organization.