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Accounting Principles - Chapter 1 Flashcards | StudBud
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Accounting Principles - Chapter 1
Accounting Principles - Chapter 1
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Chapter 1 - College Accounting #lns #mrsquible #collegeaccounting
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Which type of business has 2 or more owners?
Partnership
LLC
Proprietorship
Corporation
2
States revenue is recognized when earned
Revenue Recognition Principle
Measurement Principle
Full Disclosure Principle
Expense Recognition Principle
3
Concept that requires financial statement info be supported by unbiased evidence
Objectivity
Going-concern Assumption
Business entity Assumption
Monetary Unit Assumption
4
The area of accounting aimed at serving the decision making needs of internal users:
External auditing
Bookkeeping
Financial accounting
Managerial accounting
5
This states that each unit in an organization should stand apart as a separate economic unit.
Reliability Principle
Entity Assumption
Cost Principle
Going-Concern Assumption
6
Which financial statement reports financial position for a specific date?
Statement of Owner's Equity
Income Statement
Balance Sheet
Worksheet
7
What are rules that govern how accountants measure, process, and communicate financial info?
CPA
FASB
GAAP
SEC
8
What does GAAP stand for?
Generally accepted accounting principles
Grandma's awesome apple pie
Generically accepted accounting problems
Governing agency for accounting principles
9
The book store profits $75,000 and the coffee shop profits $20,000. This is an example of:
Entity Assumption
Full Disclosure Principle
Measurement Principle
Monetary Unit Assumption
10
Which principle states that companies report the details behind financial statements?
Full Disclosure Principle
Expense Recognition Principle
Revenue Recognition Principle
Measurement Principle
11
I offer to buy your car for $3000, you ask for $5000. I pay $4,000. Which cost do I record?
$5000
$3000
$8000
$4000
12
We express transactions & events in terms of money
Expense Recognition Principle
Measurement Principle
Going-concern Assumption
Monetary Unit Assumption
13
Which financial statement shows assets = liabilities + Owner's equity?
Balance Sheet
Statement of Owner's Equity
Worksheet
Income Statement
14
Debts that your business owes to outsiders are:
Liabilities
Assets
Revenues
Expenses
15
Which type of business has a single owner?
Partnership
Proprietorship
Corporation
LLC
16
Assets and services should be recorded at their actual cost because of ...
Entity Assumption
Reliability Principle
Measurement (Cost) Principle
Monetary Unit Assumption
17
All financial statements have 3 bits of information at the top EXCEPT:
Name of Company
Date/Time Period
Financial Statement Type
Name of Statement Preparer
18
Which financial statement reports whether the business earned a profit or loss?
Statement of Owner's Equity
Worksheet
Income Statement
Balance Sheet
19
What is the accounting equation?
Assets = Liabilities + Owner's Equity
Assets x Liabilities = Owner's Equity
Assets + Liabilities = Owner's Equity
Assets/Liabilities = Owner's Equity
20
Which financial statement is done first?
Income Statement
Balance Sheet
Statement of Cash Flows
Statement of Owner's Equity
21
A building is an example of:
Expenses
An asset
A liability
Revenue
22
Who is primarily responsible for determining GAAP?
AICPA
FASB
IMA
SEC
23
Which is a licensed accountant?
SEC
GMO
CPA
FASB
24
Salary for employees is an example of:
An expense
A liability
Revenue
An asset
25
Assumes that the entity will remain in operation for the foreseeable future
Entity Assumption
Going-Conern Assumption
Measurement Principle
Monetary unit Assumetion
26
Money earned is an example of:
Revenue
A liability
An asset
An expense
27
Resources that are expected to yield future benefits are:
Revenues
Assets
Liabilities
Owner's equity
28
What financial statement shows the change in capital throughout a time period?
Balance Sheet
Income Statement
Statement of Owner's Equity
Statement of Cash flows
29
Accountants assume that the dollar's purchasing power is stable because of this...
Measurement Principle
Entity Assumption
Monetary Unit Assumption
Going-concern Assumption
30
Which type of business has stockholders?
LLC
Proprietorship
Corporations
Partnership
