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5 Written questions

5 Matching questions

  1. Debit (DEAD)
  2. Intangible Assets
  3. Credit (CLER)
  4. ACC Info System
  5. Going Concern Assumption
  1. a Expenses, Assets, Dividends
  2. b no physical substance; patent, goodwill (one company buys another company), copyrights
  3. c Liabilities, Equity, Revenue
  4. d collects and processes transactions, will affect at least 2 accounts
  5. e business will remain in operation for forseable future

5 Multiple choice questions

  1. 1. Finance Activities: borrow from creditors (liabilities) and sell stock to shareholders
    2. Invest: assets required to operate
    3. Daily Operations: revenue, supply, inventory and expenses
  2. Dividends
  3. 1. Predict Future
    2. Confirm or correct prior expectation
    3. Materiality
  4. outside of organization, such as investors, creditors
  5. paid after one year; bonds/mortgage/long-term notes payable, lease/pension liabilities

5 True/False questions

  1. Corporationbusiness organization as separate legal entity owned by stockholders, investors share stock making it easy to sell/raise funds, largest revenue


  2. Income StatementRevenue - Expenses = Net Income/Loss


  3. FASBInternational Financial Reporting Standards


  4. Periodicity Assumptionbusiness will remain in operation for forseable future


  5. Property, Plant and Equipment (PPE)Revenue - Expenses = Net Income/Loss


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