Exam 1: Business, Accounting, and You

The Balance Sheet is used to report:

Items such as revenue,expenses and dividends are classified as:

The accounting principle that best defines a business is:

Which of the following types of organizations would produce goods?

Dividends are shown on the:

Which of the following types of organization would primarily sell goods?

A hybrid business entity with characteristics of both a corporation and a partnership is called:

The Financial Accounting Standards Board (FASB)established the standards for managerial accounting.

Which of the following has double taxation of earnings?

Home Depot would primarily be considered a:

A company has Liabilities of $23,500 and Stockholders' Equity of $56,500.How much does the company have in Assets?

In the financial accounting records,most assets should be reported at:

The expense of using borrowed money for a period of time,is referred to as:

Business owners are paid interest on the money they have invested in the business.

The Statement of Retained Earnings is prepared to determine the final amount of Retained Earnings shown on the Balance Sheet.

Which of the following impacts the value of an item to its owner?

Dillon invested $5,000 into his business.He would:

Revenues,expenses and dividends are all a part of:

Which would NOT be an example of a for-profit business?

Net income and profit are the same thing.