Financial Accounting Quiz

by: 5445942
  1. 1

    The acronym for the common rules and standards that companies must follow when preparing its external financial statements is ____.

  2. 2

    The accounting equation is Assets = _________ + Stockholders' (or Owner's) Equity.

  3. 3

    SEC is the acronym for __________ __ _________ _____________.

  4. 4

    FASB is the acronym for ________ _________ _________ ______.

  5. 5

    The U.S. government agency with authority over the financial reporting requirements of publicly traded corporations is the _____.

  6. 6

    GAAP is the acronym for _______ _______ _________ _________.

  7. 7

    The non-government organization that researches and develops new accounting standards is the _____.

  8. 8

    Large corporations must follow the _________ basis of accounting..

  9. 9

    Financial statements report the fair market value of a company.

  10. 10

    The main components or elements of the income statement are _________, expenses, gains, and losses.

  11. 11

    Matching, cost, and full disclosure are examples of the fundamental or basic accounting ____________.

  12. 12

    The statement of cash flows explains the changes in cash and cash ____________ during the specified time interval.

  13. 13

    The profitability of a company for a specified period of time is reported on the _________ statement.

  14. 14

    The word "_________" is often in the title of liability accounts.

  15. 15

    Corporations whose stock is publicly traded must have their financial statements ______ by independent certified public accountants.

  16. 16

    _______ entry bookkeeping will result in at least two accounts being involved in every transaction.

  17. 17

    Prepaid insurance is reported as an _______ on a company's balance sheet.

  18. 18

    The first section of the statement of cash flows is the __________ activities.

  19. 19

    Every transaction will have one account being credited and one account being _________.

  20. 20

    Financial accounting is focused on the ________ financial statements of a company.

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