Mastering Financial Statements

Which of the following is an example of an asset in accounting?

Which of the following is an example of a liability in accounting?

Which of the following is an example of owner's equity in accounting?

Which of the following transactions would result in an increase in owner's equity?

Which of the following is one of the assumptions of accounting?

Which of the following is an example of a form of business ownership?

Which of the following is the primary accounting standard-setting body in the United States?

Which of the following is true about the historical cost principle?

Which of the following is NOT one of the three basic activities of accounting?

Which of the following is NOT a component of the accounting equation?

Who are the two most common types of external users of accounting data?

Which of the following is NOT one of the recent financial scandals mentioned?

Which financial statement reports the revenues and expenses for a specific period of time?

Which financial statement reports the changes in owner's equity for a specific period of time?

Which financial statement reports the assets, liabilities, and owner's equity at a specific date?

Which financial statement shows the inflows and outflows of cash during a specific period of time?

Which financial statement is prepared as of a specific date?

What information does the statement of cash flows provide?

What is the total assets of Flanagan Company at December 31, 2017?

What is the net income reported for December 2017 for Flanagan Company?

Which transaction represents the purchase of advertising on credit?

Which transaction represents the payment of expenses in cash for September?

Which transaction represents the payment of accounts payable in cash?

Which transaction represents the receipt of cash from customers who had been billed for services?

Which organization is responsible for developing accounting standards in the United States?

Which accounting standard is considered to be more principles-based?

Which accounting standard is considered to be more rules-based?

Which companies are required to comply with the internal control standards of Sarbanes-Oxley (SOX)?

What is the goal of the IASB and the FASB in developing accounting standards?

Which of the following is not a reason why a single set of high-quality international accounting standards would be beneficial?