Financial Accounting Quiz

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Every transaction will have one account being credited and one account...

The accounting equation is Assets = ___________ +...

Matching, cost, and full disclosure are examples of the fundamental or...

The profitability of a company for a specified period of time is...

Large corporations must follow the ___________ basis of...

_________ entry bookkeeping will result in at least two accounts...

Corporations whose stock is publicly traded must have their financial...

Prepaid insurance is reported as an _________ on a...

The acronym for the common rules and standards that companies must...

The word "___________" is often in the title of liability...

The first section of the statement of cash flows is...

GAAP is the acronym for _________ _________ ___________...

The main components or elements of the income statement...

FASB is the acronym for __________ ___________ ___________...

The statement of cash flows explains the changes in cash and...

The non-government organization that researches and develops new...

Financial accounting is focused on the __________ financial statements...

SEC is the acronym for ____________ ____ ___________...

Financial statements report the fair market value of a company.

The U.S. government agency with authority over the financial reporting...

Financial Accounting Quiz

1.

Every transaction will have one account being credited and one account being___________.

2.

What first name or nickname would you like us to use?

2.

The accounting equation is Assets = ___________ + Stockholders' (or Owner's) Equity.

3.

Matching, cost, and full disclosure are examples of the fundamental or basic accounting______________.

4.

The profitability of a company for a specified period of time is reported on the___________ statement.

5.

Large corporations must follow the ___________ basis of accounting..

6.

_________ entry bookkeeping will result in at least two accounts being involved in every transaction.

7.

Corporations whose stock is publicly traded must have their financial statements________ by independent certified public accountants.

8.

Prepaid insurance is reported as an _________ on a company's balance sheet.

9.

The acronym for the common rules and standards that companies must follow when preparing its external financial statements is ______.

10.

The word "___________" is often in the title of liability accounts.

11.

The first section of the statement of cash flows is the ____________ activities.

12.

GAAP is the acronym for _____ _ _ _____.

13.

The main components or elements of the income statement are ___________, expenses, gains, and losses.

14.

FASB is the acronym for ____ _ _ __.

15.

The statement of cash flows explains the changes in cash and cash______________ during the specified time interval.

16.

The non-government organization that researches and develops new accounting standards is the _______.

17.

Financial accounting is focused on the __________ financial statements of a company.

18.

SEC is the acronym for ______ _ ___________.

19.

Financial statements report the fair market value of a company.

20.

The U.S. government agency with authority over the financial reporting requirements of publicly traded corporations is the _______.

Financial Accounting Quiz

1. Every transaction will have one account being credited and one account being___________.

2.

What first name or nickname would you like us to use?

2. The accounting equation is Assets = ___________ + Stockholders' (or Owner's) Equity.

3. Matching, cost, and full disclosure are examples of the fundamental or basic accounting______________.

4. The profitability of a company for a specified period of time is reported on the___________ statement.

5. Large corporations must follow the ___________ basis of accounting..

6. _________ entry bookkeeping will result in at least two accounts being involved in every transaction.

7. Corporations whose stock is publicly traded must have their financial statements________ by independent certified public accountants.

8. Prepaid insurance is reported as an _________ on a company's balance sheet.

9. The acronym for the common rules and standards that companies must follow when preparing its external financial statements is ______.

10. The word "___________" is often in the title of liability accounts.

11. The first section of the statement of cash flows is the ____________ activities.

12. GAAP is the acronym for _________ _________ ___________ ___________.

13. The main components or elements of the income statement are ___________, expenses, gains, and losses.

14. FASB is the acronym for __________ ___________ ___________ ________.

15. The statement of cash flows explains the changes in cash and cash______________ during the specified time interval.

16. The non-government organization that researches and develops new accounting standards is the _______.

17. Financial accounting is focused on the __________ financial statements of a company.

18. SEC is the acronym for ____________ ____ ___________ _______________.

19. Financial statements report the fair market value of a company.

20. The U.S. government agency with authority over the financial reporting requirements of publicly traded corporations is the _______.

1.

Every transaction will have one account being credited and one account being___________.

2.

The accounting equation is Assets = ___________ + Stockholders' (or Owner's) Equity.

3.

Matching, cost, and full disclosure are examples of the fundamental or basic accounting______________.

4.

The profitability of a company for a specified period of time is reported on the___________ statement.

5.

Large corporations must follow the ___________ basis of accounting..

6.

_________ entry bookkeeping will result in at least two accounts being involved in every transaction.

7.

Corporations whose stock is publicly traded must have their financial statements________ by independent certified public accountants.

8.

Prepaid insurance is reported as an _________ on a company's balance sheet.

9.

The acronym for the common rules and standards that companies must follow when preparing its external financial statements is ______.

10.

The word "___________" is often in the title of liability accounts.

11.

The first section of the statement of cash flows is the ____________ activities.

12.

GAAP is the acronym for _____ _ _ _____.

13.

The main components or elements of the income statement are ___________, expenses, gains, and losses.

14.

FASB is the acronym for ____ _ _ __.

15.

The statement of cash flows explains the changes in cash and cash______________ during the specified time interval.

16.

The non-government organization that researches and develops new accounting standards is the _______.

17.

Financial accounting is focused on the __________ financial statements of a company.

18.

SEC is the acronym for ______ _ ___________.

19.

Financial statements report the fair market value of a company.

20.

The U.S. government agency with authority over the financial reporting requirements of publicly traded corporations is the _______.