10 Questions
Which of the following is an example of a contra-asset?
Allowance for doubtful accounts
What is the end product or output of accounting?
Useful information contained in financial statements
Where are temporary accounts found?
Statement of Comprehensive Income (SCI)
Which financial statement is also known as the Income statement?
Statement of Comprehensive Income
What are the inputs needed for accounting?
Economic transactions
Accounting consists of inputs, processes, and outputs.
True
Contra-Assets are accounts that are increases to the company's assets.
False
The end product of accounting is useful information contained in the financial statements.
True
The Statement of Comprehensive Income is also known as the Income statement.
True
A complete set of financial statements includes the Statement of Cash Flows.
False
Test your knowledge of accounting concepts with this FABM reviewer quiz. Explore the process of identifying, recording, and communicating economic information about an organization. Brush up on inputs, processes, and outputs in the accounting cycle. Ideal for students and professionals in the field of accounting.
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