Question 1

Complete the following using the terms listed.
-_____ represents the proprietors' claims (those of stockholders,in the case of a corporation)against the firm's assets.

Accepted Answer

The term "Owners' equity" represents the proprietors' claims (those of stockholders, in the case of a corporation) against the firm's assets.

Note: Some other terms listed may also be relevant to accounting, but they do not directly match the description given in the question.

Question 2

Complete the following using the terms listed.
-Proponents of _____ allow employees to view sensitive financial information so that they better understand how their work contributes to the company's success.

Accepted Answer

Open book management is a philosophy that involves allowing employees access to financial information, such as budgets and balance sheets, in order to help them understand how their work impacts the company's overall performance.

Question 3

Complete the following using the terms listed.
-The claims of a company's creditors are a(n)_____.

Accepted Answer

The claims of a company's creditors are called liabilities.

Question 4

Complete the following using the terms listed.
-The _____ are regulations and interpretations adopted by the International Accounting Standards Board.

Accepted Answer

International Financial Reporting Standards (IFRS) are regulations and interpretations adopted by the International Accounting Standards Board (IASB) to provide a common global accounting language for financial statements.

Question 5

Complete the following using the terms listed.
-A(n)_____ is anything of value owned or leased by a business.

Accepted Answer

An asset is anything of value owned or leased by a business.

Note: None of the other options provided are appropriate for completing the statement.

Question 6

Complete the following using the terms listed.
-The accounting method that records revenues and expenses when they occur is called _____.

Accepted Answer

The accounting method that records revenues and expenses when they occur is called accrual accounting.

Question 7

Complete the following using the terms listed.
-A(n)_____ requires a minimum of a bachelor's degree;150 hours of education and experience;and the completion of a number of rigorous tests in accounting theory and practice,auditing,law,and taxes.

Accepted Answer

The description provided is that of a certified public accountant, which requires all of the qualifications listed.

Question 8

Complete the following using the terms listed.
-The _____ is primarily responsible for evaluating,setting,or modifying the generally accepted accounting principles.

Accepted Answer

The Financial Accounting Standards Board (FASB) is primarily responsible for evaluating, setting, or modifying the generally accepted accounting principles.

Question 9

Complete the following using the terms listed.
-The _____ was established to promote worldwide consistency in financial reporting practices.

Accepted Answer

The International Accounting Standards Committee (IASC) was established to promote worldwide consistency in financial reporting practices.

Question 10

Explain the differences between public accountants and management accountants.

Accepted Answer

The answer of Explain the differences between public accountants and...

Question 11

Complete the following using the terms listed.
-The basic relationship that states assets equal liabilities plus owners' equity is called the _____.

Accepted Answer

The accounting equation, which states that assets equal liabilities plus owners' equity, is also known as the basic relationship in accounting.

Question 12

Complete the following using the terms listed.
-_____ measure the extent to which a company relies on debt financing.

Accepted Answer

Leverage ratios measure the extent to which a company relies on debt financing.

Question 13

Complete the following using the terms listed.
-A financial record of a company's revenues,expenses,and profits over a specific period of time is called the _____.

Accepted Answer

An income statement provides a summary of a company's revenues, expenses, and profits over a specific period of time.

Question 14

Complete the following using the terms listed.
-In the United States,the Financial Accounting Standards Board (FASB)is primarily responsible for evaluating,setting,or modifying _____.

Accepted Answer

The Financial Accounting Standards Board (FASB) is responsible for evaluating, setting, or modifying the generally accepted accounting principles (GAAP) in the United States.

Question 15

What is accounting? Provide examples of tasks that accountants perform.

Accepted Answer

The answer of What is accounting? Provide examples of tasks...

Question 16

Complete the following using the terms listed.
-The _____ is a statement of a company's financial position on a particular date.

Accepted Answer

The balance sheet is a statement that summarizes a company's financial position on a particular date, including its assets, liabilities, and owners' equity.

Question 17

Complete the following using the terms listed.
-A(n)_____ is employed by a business other than a public accounting firm.

Accepted Answer

A management accountant is employed by a business to provide financial information and analysis for internal decision-making purposes, whereas a certified public accountant works for a public accounting firm providing auditing, tax, and other financial services to external clients.

Question 18

Complete the following using the terms listed.
-A(n)_____ is a planning and controlling tool that reflects a company's expected sales revenues,operating expenses,and cash receipts and outlays.

Accepted Answer

A budget is a planning and controlling tool that reflects a company's expected sales revenues, operating expenses, and cash receipts and outlays.

Question 19

Complete the following using the terms listed.
-The _____ created the Public Accounting Oversight Board to handle well-known cases of accounting fraud and respond to questions about the independence of auditors.

Accepted Answer

The Sarbanes-Oxley Act (SOX) created the Public Accounting Oversight Board to handle well-known cases of accounting fraud and respond to questions about the independence of auditors.

Question 20

Complete the following using the terms listed.
-An organization's overall financial performance is measured by its _____,which evaluates the ability to generate revenues in excess of operating costs and other expenses.

Accepted Answer

The answer of Complete the following using the terms listed.
-An...

Quiz 15: Understanding Accounting and Financial Statements

Complete the following using the terms listed. -_____ represents the proprietors' claims (those of stockholders,in the case of a corporation) against the firm's assets.

Complete the following using the terms listed. -Proponents of _____ allow employees to view sensitive financial information so that they better understand how their work contributes to the company's success.

Complete the following using the terms listed. -The claims of a company's creditors are a(n) _____.

Complete the following using the terms listed. -The _____ are regulations and interpretations adopted by the International Accounting Standards Board.

Complete the following using the terms listed. -A(n) _____ is anything of value owned or leased by a business.

Complete the following using the terms listed. -The accounting method that records revenues and expenses when they occur is called _____.

Complete the following using the terms listed. -A(n) _____ requires a minimum of a bachelor's degree;150 hours of education and experience;and the completion of a number of rigorous tests in accounting theory and practice,auditing,law,and taxes.

Complete the following using the terms listed. -The _____ is primarily responsible for evaluating,setting,or modifying the generally accepted accounting principles.

Complete the following using the terms listed. -The _____ was established to promote worldwide consistency in financial reporting practices.

Explain the differences between public accountants and management accountants.

Complete the following using the terms listed. -The basic relationship that states assets equal liabilities plus owners' equity is called the _____.

Complete the following using the terms listed. -_____ measure the extent to which a company relies on debt financing.

Complete the following using the terms listed. -A financial record of a company's revenues,expenses,and profits over a specific period of time is called the _____.

Complete the following using the terms listed. -In the United States,the Financial Accounting Standards Board (FASB) is primarily responsible for evaluating,setting,or modifying _____.

What is accounting? Provide examples of tasks that accountants perform.

Complete the following using the terms listed. -The _____ is a statement of a company's financial position on a particular date.

Complete the following using the terms listed. -A(n) _____ is employed by a business other than a public accounting firm.

Complete the following using the terms listed. -A(n) _____ is a planning and controlling tool that reflects a company's expected sales revenues,operating expenses,and cash receipts and outlays.

Complete the following using the terms listed. -The _____ created the Public Accounting Oversight Board to handle well-known cases of accounting fraud and respond to questions about the independence of auditors.

Complete the following using the terms listed. -An organization's overall financial performance is measured by its _____,which evaluates the ability to generate revenues in excess of operating costs and other expenses.