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Accounting 101
Accounting 101
20 terms
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StudBud Administration
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Introduction to Accounting
Flashcards
20 cards
F
Practice quiz
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Host live
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Questions
20
Answers
1
Which top small employer did we learn about?
Whaler & Whaler
Inspector
Ernst & Young
Insero
2
Total Assets must equal total liabilities
True
False
3
What does GAAP Stand for?
Genetically Modified Accounting Principles
Generally Appreciated Accounting Principles
Generally Accepted Accounting Principles
Generally Accepted Accounting Principals
4
What does CFO stand for?
Chief Financial Officer
Chief Finance Operator
Chief Financial Official
5
In the accounting system processing involves analyzing, classifying, and recording.
False
True
6
When was KPMG Founded?
1987
1985
1973
1967
7
Financial Accounting focuses on reporting information to
GAAP
management
external users
internal users
8
Which is NOT one of the three branches of accounting?
Management
Cost
Double Entry Accounting
Financial
9
Public Accounting
firms are large
firms only manage money
never has shareholders
can be large or Small
10
Financial Reports are reported on all times periods except?
Weekly
Quarterly
Annually
monthly
11
Which is NOT part of the accounting system?
Inputs
Data
Outputs
Processing
12
Assets=
Liabilities
Profit+Owners Equity
Profit
Liabilities+Owners Equity
13
Working at a firm for a specific, set amount of time.
Intern
Entry level
Temp Job
14
Accounts Payable is a(n)
Asset
Liability
Long term asset
Accounts Receivable
15
Management Accounting focuses on reporting information to
CEO's
Middle and Senior Management
Chief Financial Officers
The Government
16
An accounting clerk is
Entry Level
Intern
Middle Management
Senior Management
17
Where is KPMG's headquarters?
Netherlands
Switzerland
Ireland
United States
18
In regards to the accounting system which is NOT an input?
Sales Slips
Receipts
Checks
Records
19
Which company is not part of the big four?
ERNST & YOUNG
KPMG
BNY Mellon
Price Waterhouse
20
When was DECA Founded?
1997
1940
1932
1946
