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accounting unit 2

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QuestionAnswer
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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