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5 Written questions

5 Matching questions

  1. Periodicity Assumption
  2. Cost Contraint
  3. Qualities
  4. Debt to Asset Ratio
  5. Generally Accepted ACC Principles (GAAP)
  1. a = total liabilities / total assets
  2. b Cost vs. Benefit
  3. c set of rules and practices of ACC
  4. d Relevance vs. Faithful Representation
  5. e business divided into artificial time periods

5 Multiple choice questions

  1. Common Stock and Retained Earnings
  2. Intl Financial Reporting Standards (IFRS)
  3. assets recorded recorded at original costs
  4. one owner, easy to set up, tax advantages, transfer of ownership is difficult
  5. relationship among selected items of financial statement data

5 True/False questions

  1. Securities and Exchange Commission (SEC)oversee stock exchange and markets


  2. Intracompanywith competitor of same industry


  3. Current Assetscurrent assets / current liabilities (anything > 1 is good)


  4. 4 Financial StatementsRevenue - Expenses = Net Income/Loss


  5. Debit (DEAD)Expenses, Assets, Dividends