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The accounting equation
What do you learn in high school accounting?
An amount owed by a business
The accounting equation
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Questions
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Answers
1
An amount owed by a business
Owners equity
Liability
2
What do you learn in high school accounting?
Prepare and analyze financial documents
Analyze business transactions
All the above
Understand the language of business
3
Don’t take business major? many colleges require non business course in managerial accounting:
Engineering
All the above
Architecture
Interior design
4
Financial rights to the assets of a business
Ethics
Equities
5
Personal application learned is accounting
Banking
All the above
Taxes
6
What was the percent that the CPA increased their hiring in 2012?
85%
65%
7
Planning, recording, analyzing, and interpreting financial information
Accounting
All the above
Accounting system
8
Personal application learned is accounting
Investments
Budgeting
All the above
Payroll concepts
9
If you take highschool accounting you’ll be more successful in college accounting
True
False
10
A planned process for providing financial information that will be useful to management
Accounting system
Financial statements
11
Financial reports that summarize the financial condition and operations of a business
Business structure
Financial statements
12
What do you learn in high school accounting?
Use spreadsheet software
All the above
Research business topics on the internet
13
Skills that all employees need to possess?
Technology
All the above
Business ethics
14
Skills that all employees need to possess?
All the above
Organization, accuracy, and integrity
Problem solving
Critical thinking
15
The amount remaining after the value of all liabilities is subtracted from the value of assets
Accounting equation
Owners equity
16
A business owned by one person
Proprietorship
Corporations
17
If you want to own you business you need...
Keep accounting records
Understand accounting concepts helps entrepreneurs.
Entrepreneurs must understand the business
All the above
18
How many jobs are expected in the next decade in accounting?
260,000
226,000
56,000
Non of the above
19
Organized summaries of a business’s financial statements
Service business
Accounting records
20
Anything of value that is owned
Equities
Assets
21
What did Donald trump major in?
Accounting
Economics
22
A business that performs an activity for a fee
Capital
Service business
23
Business majors required to take at least one , usually two college accounting courses
True
False
24
What increased the demand for accountants?
Changing financial laws
Increase # of business
Corporate governance regulations
Sarbanes oxley act
25
Four top ten profitable college majors are?
Accounting, Eco/finance, business administration, marketing
Accounting, world history, geography, marketing
26
What does CPA stand for?
Certified.player.assistant
Certified.public.accountant
