Business Exam #2 Study Sheet

Last Updated By lovelesskun on 10/29/2013
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The process of systematically collecting, analyzing, and reporting financial information is called

Answer:
a)  bookkeeping
b)  journalizing
c)  accounting
d)  auditing.
e)  decision making
f)  auditing.
g)  decision making
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  • An auditor's responsibility does NOT include:
    a)Checking conformity with GAAP as established by FASB.
    b)Preparing and taking responsibility for the financial statements
    c)Reviewing the accounting systems.
    d)Expressing an opinion regarding financial statements, including notes to the financial statements.
    e)Reviewing financial statement adjustments and sampling selected accounts.
    b)Reviewing financial statement adjustments and sampling selected accounts.
  • Financial accounting information provided by a public corporation would include all of the following EXCEPT:
    a)a corporation's income tax return.
    b)a balance sheet.
    c)a statement of cash flow
    d)a form 10k as required by the SEC
    e)an auditor's letter of opinion.
    a)an auditor's letter of opinion.
  • All entries to 'trigger' an accounting system must first begin with a(n)
    a)transaction
    b)debit
    c)credit.
    d)annual report.
    e)balance sheet
    a)balance sheet
  • The preparation of financial statements for people outside of the firm (creditors, unions, suppliers, and others) is one of the important goals of:
    a)financial accounting
    b)tax accounting
    c)managerial accounting
    d)cost accounting
    e)external auditors
    a)external auditors
  • Debts that are to be repaid in two years are referred to as
    a)fixed assets.
    b)current assets.
    c)long-term liabilities
    d)current liabilities
    c)current liabilities
  • The accounting value of a firm's reputation, location, earning capacity, and other intangibles that make the business profitable is called its
    a)franchise
    b)goodwill
    c)good character
    d)distinction
    e)prestige
    b)prestige
  • The financial statement that specifically provides information about a firm's operating, investing, and financing activities during an accounting period is the
    a)balance sheet
    b)income statement
    c)retained earnings statement
    d)financial analysis statement.
    e)cash flow statement
    e)cash flow statement
  • The activities concerned with managing the assets, liabilities, and expenses to assure the financial health of a company are collectively called:
    a)budgeting.
    b)finance.
    c)financial accounting.
    d)financial markets
    e)equity financing
    b)equity financing
  • Which statement is not true about a balance sheet?
    a)It provides proof that assets = liabilities + owners equity.
    b)It shows the owner's equity in the business.
    c)it summarizes the firm's revenues and expenses during one accounting period
    d)It gives the liabilities of the firm.
    e)It lists the current, fixed, and intangible assets.
    c)It lists the current, fixed, and intangible assets.
  • A high debt to owner's equity ratio
    a)will increase as debts are paid off.
    b)reduces the risk for lenders.
    c). All of the above are true.
    d)makes borrowing money from lenders difficult.
    d)makes borrowing money from lenders difficult.
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Business Exam  2 Study Sheet
Business Exam #2 Study Sheet
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Free Quiz Question From Business Exam #2 Study Sheet
Question: The process of systematically collecting, analyzing, and reporting financial information is called
Answer:
bookkeeping
journalizing
accounting
auditing.
decision making
auditing.
decision making