Podcast
Questions and Answers
Which of the following is an example of an asset in accounting?
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 a liability in accounting?
Which of the following is an example of owner's equity 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 transactions would result in an increase in owner's equity?
Signup and view all the answers
Which of the following is one of the assumptions of accounting?
Which of the following is one of the assumptions of accounting?
Signup and view all the answers
Which of the following is an example of a form of business ownership?
Which of the following is an example of a form of business ownership?
Signup and view all the answers
Which of the following is the primary accounting standard-setting body in the United States?
Which of the following is the primary accounting standard-setting body in the United States?
Signup and view all the answers
Which of the following is true about the historical cost principle?
Which of the following is true about the historical cost principle?
Signup and view all the answers
Which of the following is NOT one of the three basic activities of accounting?
Which of the following is NOT one of the three basic activities of accounting?
Signup and view all the answers
Which of the following is NOT a component of the accounting equation?
Which of the following is NOT a component of the accounting equation?
Signup and view all the answers
Who are the two most common types of external users of accounting data?
Who are the two most common types of external users of accounting data?
Signup and view all the answers
Which of the following is NOT one of the recent financial scandals mentioned?
Which of the following is NOT one of the recent financial scandals mentioned?
Signup and view all the answers
Which financial statement reports the revenues and expenses for a specific period of time?
Which financial statement reports the revenues and expenses for a specific period of time?
Signup and view all the answers
Which financial statement reports the changes in owner's equity for a specific period of time?
Which financial statement reports the changes in owner's equity for a specific period of time?
Signup and view all the answers
Which financial statement reports the assets, liabilities, and owner's equity at a specific date?
Which financial statement reports the assets, liabilities, and owner's equity at a specific date?
Signup and view all the answers
Which financial statement shows the inflows and outflows of cash during a specific period of time?
Which financial statement shows the inflows and outflows of cash during a specific period of time?
Signup and view all the answers
Which financial statement is prepared as of a specific date?
Which financial statement is prepared as of a specific date?
Signup and view all the answers
What information does the statement of cash flows provide?
What information does the statement of cash flows provide?
Signup and view all the answers
What is the total assets of Flanagan Company at December 31, 2017?
What is the total assets of Flanagan Company at December 31, 2017?
Signup and view all the answers
What is the net income reported for December 2017 for Flanagan Company?
What is the net income reported for December 2017 for Flanagan Company?
Signup and view all the answers
Which transaction represents the purchase of advertising on credit?
Which transaction represents the purchase of advertising on credit?
Signup and view all the answers
Which transaction represents the payment of expenses in cash for September?
Which transaction represents the payment of expenses in cash for September?
Signup and view all the answers
Which transaction represents the payment of accounts payable in cash?
Which transaction represents the payment of accounts payable in cash?
Signup and view all the answers
Which transaction represents the receipt of cash from customers who had been billed for services?
Which transaction represents the receipt of cash from customers who had been billed for services?
Signup and view all the answers
Which organization is responsible for developing accounting standards in the United States?
Which organization is responsible for developing accounting standards in the United States?
Signup and view all the answers
Which accounting standard is considered to be more principles-based?
Which accounting standard is considered to be more principles-based?
Signup and view all the answers
Which accounting standard is considered to be more rules-based?
Which accounting standard is considered to be more rules-based?
Signup and view all the answers
Which companies are required to comply with the internal control standards of Sarbanes-Oxley (SOX)?
Which companies are required to comply with the internal control standards of Sarbanes-Oxley (SOX)?
Signup and view all the answers
What is the goal of the IASB and the FASB in developing accounting standards?
What is the goal of the IASB and the FASB in developing accounting standards?
Signup and view all the answers
Which of the following is not a reason why a single set of high-quality international accounting standards would be beneficial?
Which of the following is not a reason why a single set of high-quality international accounting standards would be beneficial?
Signup and view all the answers
