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accounting unit 2
study help
| Question | Answer |
|---|---|
| The accounting system that reveals the financial position of a business is | financial accounting. |
| The main objective of any business is | making profit |
| Maintaining a systematic accounting system and recording all financial transactions helps determine | profit or loss. |
| Which accounting system involves recording, classifying, summarizing, communicating, interpreting, and reporting financial information to interested parties? | Financial accounting |
| The process of recording and maintaining day-to-day business transactions is called: | bookkeeping. |
| Which accounts of a business can outsiders view? | financial accounting system |
| Which accounting system helps ascertain, analyze, and control cost? | Cost accounting system |
| In which type of accounting system are records prepared and maintained using a computer? | A computerized accounting system |
| If you wanted to be an accountant, what type of basic knowledge would you need? | Accounting knowledge |
| The excess of revenue over expenditure is called: | profit |
| A business which converts raw material into finished goods is called a: | manufacturing business. |
| The buying and selling business activity is called: | merchandising. |
| A business started and run by two or more people based on an agreement is called a: | partnership. |
| In which form of business do owners have limited liability? | Publicly held corporation |
| Which accounting assumption implies that a business is separate and distinct from the person who supplies capital to it? | Business entity assumption |
| The modern accounting system is called the: | double entry system. |
| Which accounting assumption divides the life of a business into specific periods for reporting purposes? | Accounting period assumption |
| Who verifies the accuracy of an organization's records and checks for mismanagement, waste, or fraud? | An internal auditor |
| A person who undertakes and operates a new enterprise or venture and assumes some accountability for the inherent risks is called a/an: | entrepreneur. |
| A business which converts raw material into finished goods is called a: | manufacturing business |
Created by:
skueny
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