← col acct 1 chap1 Test
5 Written Questions
5 Matching Questions
- limited Liability Company or LLC
- statement of cash flows
- public accounting
- statement of owner's equity
- a Form of business organization with limited liability and has pass-through tax advantages
- b anything that is owed to someone else
- c Firms that provide accounting services to their clients
- d Reports the change in the owners' investment and the change in the owners' retained earnings.
- e Financial statement that reports cash receipts and disbursements related to a firm's three major activities: operations, investments, and financing.
5 Multiple Choice Questions
- Companies that provide material, human, financial, and informational resources to other companies
- Activities of the business are separate form activities of the owners.
- accounting has been called.....
- organizations that sell services rather than goods
- are not given access to the company's detailed internal records
5 True/False Questions
financial accounting → accounting information and analyses prepared for people outside the organization
Ethics → the study of moral choices that conform to professional standards of conduct
Investors → person or institution to whom a debt is owed
Securtities and Exchange Commission (SEC) → Activities of the business are separate form activities of the owners.
assets → Financial institutions that accept deposits and make loans