Section 6 Question Preview (ID: 58362)
Financing Terms.
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Being accurate and up to date is important component in accounting
a) True
b) False
c)
d)
The accounting cycle has __ parts
a) 5
b) 6
c)
d)
The purpose of accounting is to control the finances of the business
a) True
b) False
c)
d)
Stock onwership is ____
a) equity
b) bookkeeping
c)
d)
Learning how to keep records of a business is called
a) marketing
b) accounting
c)
d)
Identifying trends in the industry is the purpose of the __
a) local political office
b) government
c)
d)
This statement covers 6 months or a year of revenue, expenses and net income or loss from operations
a) record of accounts
b) income statement
c)
d)
A report that list company's assets, liabilities, and owner's equity
a) income statement
b) balance sheet
c)
d)
Net worth is
a) It is the value of a person’s assets minus the amount of their liabilities
b) It is the value of a person’s liabilities minus the amount of their assets
c)
d)
is defined as anything an individual or business owns t
a) Assets
b) Liabilities
c)
d)
Controlling expenses is important in accounting because of good record keeping
a) True
b) False
c)
d)
The management of large amounts of money is defined as __
a) finance
b) marketing
c)
d)
The first step in the accounting cycle is
a) journal
b) analyze
c)
d)
The equation for accounting is
a) Accounting=Liabilities + Equity
b) Accounting= Finance- Marketing
c)
d)
A person who approved a loan for a business is called
a) financial analyst
b) creditor
c)
d)
This is the result of revenue being greater than expenses
a) net loss
b) net profit
c)
d)
Net worth is defined as the difference between a person's assets an liabilities
a) True
b) False
c)
d)
The value of the borrower's possessions, including money and property owned
a) capital
b) net profit
c)
d)
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