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Financial Accounting Flashcards | StudBud
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Financial Accounting
Financial Accounting
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Questions
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Answers
1
This type of business buys raw materials and converts them into a product for sale (papermill)
Manufacturing Business
Service Business
Non-Profit Organization
Merchandising Business
2
What factor causes a business owner to get less money for assets during liquidation?
Legality
Stock Market
Energy
Time
3
The decrease in value of an asset over time.
Leverage
Profit Margin
Depreciation
Amortization
4
Anything owed that has a dollar value.
Asset
Liquidity
Liability
Owners Equity
5
The cost of money borrowed from a lender.
Opportunity Cost
Check
Interest
Budget
6
What is the median wage of Accountants in Canada?
$34-38 per hour
$46-50 per hour
$38-42 per hour
$42-46 per hour
7
Accounts Payable are assets. Accounts receivable are liabilities
False
True
8
The planning of saving and spending over a set period of time.
Opportunity Cost
Budget
Check
Interest
9
An accounting technique used to periodically lower the book value of a loan or asset over a set period of time.
Amortization
Profit Margin
Depreciation
Leverage
10
When liquidating, a business owner who cannot pay its creditors must...
Switch careers
File for bankruptcy
Pay extra tax
Hire a lawyer
11
This type of business buys goods and resells them at a higher price (clothing store, music store)
Non-Profit Organization
Service Business
Manufacturing Business
Merchandising Business
12
Assets are on the left side of a balance sheet, Liabilities are on the right side.
False
True
13
The difference between the total assets and total liabilities of a business.
Owners Equity
Liquidity
Asset
Liability
14
This type of business sells a service to the public (Lawyer, Dentist)
Merchandising Business
Service Business
Non-Profit Organization
Manufacturing Business
15
The final line of balance sheet has
Total Assets
on left and Owner
Equity + Liabilities
on the right. That are equal
False
True
16
In a balance sheet, another term for Owners Equity is....
Shares
Profits
Capital
Investment
17
The formula for Owners Equity is....
L - A = OE
A - L = OE
L + A = OE
OE +A = F
18
The use of debt to increase the potential return on an investment
Amortization
Profit Margin
Leverage
Depreciation
19
This type of business has activities for social needs, not for financial profit (church, cancer society)
Non-Profit Organization
Merchandising Business
Service Business
Manufacturing Business
20
When liquidating a business, who gets paid first
Executives
Creditors
Business Owner
Shareholders
21
A debt of an individual, business, or organization.
Liability
Owners Equity
Asset
Liquidity
22
The ease at which an asset can be converted to cash
Liquidity
Owners Equity
Asset
Liability
23
The purpose of accounting standards is
Ensure financial statements are consistent
All of the above
Easier to read statement and understand company direction.
Allow to compare 2 different business.
24
Which is not a form of business?
Partnership
Corporation
Union
Sole Proprietorship
25
A note that give the bank permission to make a payment
Budget
Interest
Opportunity Cost
Check
26
Which is not a job competency of Accountants?
Astronomy
Digital Literacy
Numeracy
Monitoring
27
The highest valued choice that is given up when a decision is made.
Opportunity Cost
Budget
Check
Interest
28
Accounting occurs in.......
Realms
Cycles
Spheres
Quarters
29
A common measure of the degree to which a company or business makes money.
Profit Margin
Depreciation
Amortization
Leverage
30
What is not 1 of the 3 items top of a balance sheet?
Date
Business Name
Charges
Balance Sheet
31
CPA stands for
Certified Pizza Assessor
Certified Personal Trainer
Certified Personal Accountant
Certified Public Accountant
32
Accounting Clerk roles include...
Clerical in nature
Record transactions
Payroll, banking
All of the Above
