Financial Accounting Quiz

by: 5445942
  1. 1

    Financial statements report the fair market value of a company.

  2. 2

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

  3. 3

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

  4. 4

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

  5. 5

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

  6. 6

    SEC is the acronym for __________ __ _________ _____________.

  7. 7

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

  8. 8

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

  9. 9

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

  10. 10

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

  11. 11

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

  12. 12

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

  13. 13

    Large corporations must follow the _________ basis of accounting..

  14. 14

    GAAP is the acronym for _______ _______ _________ _________.

  15. 15

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

  16. 16

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

  17. 17

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

  18. 18

    FASB is the acronym for ________ _________ _________ ______.

  19. 19

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

  20. 20

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

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