Question: Which entity in the United States is responsible for developing accounting rules? _____ Generally Accepted Accounting Principles Financial Accounting Standards Board Securities and Exchange Commission
Which entity in the United States is responsible for developing accounting rules? _____
| Generally Accepted Accounting Principles |
| Financial Accounting Standards Board |
| Securities and Exchange Commission |
| International Accounting Standards Board |
Management accounting serves business managers on what particular need? _____
Accounting transactions and events are usually recorded at _______. _____
V. Davis, Inc. has $1,300 in accounts payable. This amount will appear on which of the companys financial statements? _____
A career example in private-sector accounting would be: _____
| Audit and assurance services |
A balance sheet includes which of the following accounting items: _____
A career example in public-sector accounting would be: _____
| Audit and assurance services |
A career example in the federal government would be: _____
| Chief accounting director |
| General accounting office |
Ethics is important in accounting because: _____
| Millions of dollars are at stake when based on accounting reports |
| Professional organizations require accountants to be ethical |
| Everyone should strive to be ethical |
| Accounting is more important than management |
A proprietorship is: _____
| The principle that does not accept incomplete or bias data |
| The reason why accountants should not write up the value of equipment due to an increase in its fair value |
| An entity that has fewer than two owners |
The goal of an accounting system is to do what? _____
| Provide a repository for a managers documents |
| Process transactions and events reliably |
| Transfer information to outside parties |
| Establish product development and marketing |
The proper definition for the term "posting" is: _____
| Copying data from the journal to the ledger |
| Side of an account where increases are recorded |
The proper definition for the term "ledger" is: _____
| Side of an account where increases are recorded |
When a company receives cash for services rendered, the company's total assets will: _____
When a company purchases an asset for cash, the company's total assets will: _____
The following is an example of a source document: _____
The normal balance for liability accounts are: _____
The normal balance for revenue accounts are: _____
| DebitThe normal balance for liability accounts are: _____ |
The normal balance for expense accounts are: _____
The normal balance for drawing accounts are: _____
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