Business Forms

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Questions and Answers

Which of the following is a major form of business discussed in the text?

Sole Proprietorship (correct)
Service
Manufacturing
Merchandising

What is the difference between managerial and financial accounting?

Managerial accounting focuses on the internal users, while financial accounting relates to the interpretation of financial statements.
Managerial accounting focuses on the internal users, while financial accounting relates to planning financial events. (correct)
Managerial accounting focuses on daily decision making, while financial accounting relates to the interpretation of financial statements.
Managerial accounting relates to the interpretation of financial statements, while financial accounting focuses on daily decision making.

On which financial statement would you find revenue and expenses?

Owner's Equity
Cash flow statement
Balance sheet
Income statement (correct)

According to the text, what does the current ratio measure?

The ability of a firm to pay its debts (A) Signup and view all the answers

What is the abbreviation for debit according to the text?

DR (A) Signup and view all the answers

What is the difference between current assets and other assets according to the text?

Current assets are cash or other assets that will be converted into cash or consumed within one year, while other assets can be cash or withdrawals that are used or kept on the firm's behalf. (D) Signup and view all the answers