BUS 508 CHAPTER 15 QUIZ
BUS 508 CHAPTER 15 QUIZ
1.
The ________
states that assets must equal liabilities plus owners’ equity.
2.
Of the four
financial statements, only the balance sheet is considered to be a permanent
statement; its amounts are carried over from year to year.
3.
________ is a
record of the change in owners’ equity from the end of one fiscal period to the
end of the next.
4.
The final figure
on the income statement is the so-called ________.
5.
The ________ is
a federal law that prohibits U.S. citizens and companies from bribing foreign
officials in order to win or continue business.
6.
________ are
principles that encompass the conventions, rules, and procedures for
determining acceptable accounting practices at a particular time.
7.
The ________
carefully monitors changing business conditions, enacting new rules and
modifying existing rules when necessary.
8.
A firm’s
________ shows its financial position on a particular date.
9.
Ratios do not
assist managers by interpreting actual performance and making comparisons to
what should have happened.
10.
________ is the
process of measuring, interpreting, and communicating financial information to
enable people inside and outside the firm to make informed decisions.
11.
A ________ is a
planning and controlling tool that reflects the firm’s expected sales revenues,
operating expenses, and cash receipts and outlays.
12.
Accounting
professionals fulfill important responsibilities beyond preparing financial
statements.
13.
Liabilities and
owners’ equity indicate the sources of the firm’s assets and are listed in the
order in which they are due.
14.
The ________
feature describes recent developments in the accounting profession in China and
Hong Kong.
15.
________ is the
process by which accounting transactions are recorded.
16.
A firm’s ability
to meet its short-term obligations when they must be paid is measured by
________.
17.
________ is the
owner’s initial investment in the business plus profits that were not paid out
to owners over time in the form of cash dividends.
18.
A fiscal year
has to coincide with the calendar year, and companies set different fiscal
years.
19.
Accounting
software programs are not used widely in both large and small businesses today.
20.
________
recognizes revenues and costs when they occur, not when actual cash changes
hands.
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