Question types

Start with

Question limit

of 55 available terms

Print test

5 Written questions

5 Matching questions

  1. Partnership
  2. Classified Balance Sheet
  3. Current Liabilities
  4. Internal Users of ACC
  5. FASB
  1. a two owners, formed b/c individual doesn't have enough resources to initiate/expand business, shared control
  2. b obligations to be paid in coming year; notes/accounts/wages/salaries/bank loans/interest/taxes payable; Notes is always first, then Acct
  3. c Current Assets + Property, Plant and Equipment = Total Assets
    Current Liabilities + Long Term Liabilities + Stockholder's Equity = Total Liabilities and Stockholder's Equity
  4. d Financial ACC Standards Board
  5. e within organization, such as marketing, HR

5 Multiple choice questions

  1. = total liabilities / total assets
  2. business organization as separate legal entity owned by stockholders, investors share stock making it easy to sell/raise funds, largest revenue
  3. assets turned into cash over a year
  4. International Financial Reporting Standards
  5. current assets - current liabilities

5 True/False questions

  1. Credit (CLER)Expenses, Assets, Dividends


  2. Balance SheetLiabilities + Stockholder's Equity = Assets


  3. Current Assetsturned into cash fastest or used up in less than a year; cash, accounts receivable, inventory, prepaid insurance, short-term investments, supplies (ordered by liquidity)


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


  5. Monetary Unit Assumptiononly transactions in cash are in ACC reports