Accounting Final

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Question 1

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A balance sheet ________.

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is a list of all the cash collected and cash paid during a period describes the financial situation of a company at a specific point in time is a summary of all of the revenues minus all of the expenses for an accounting period shows the changes that took place in the amount of shareholders' equity during a period

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Question 2

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A deferral transaction is one in which ________.

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a company postpones recognizing cash transactions the action comes before the cash cash comes before the action the exchange of cash coincides with the economic substance of a transaction

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Question 3

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A financial statement provides information that ________.

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is specific to a business enterprise is economy-wide information includes the owner's personal financial records is industry-wide information

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Question 4

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A partnership ________.

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has owners who are legally liable for everything the company does is a business owned by two or more individuals may be organized under a partnership agreement is all of these

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Question 5

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Accrual accounting is an accounting system in which ________.

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all businesses prepare reports required by the FASB measurement of income is NOT based on cash receipts and cash disbursements there are no timing differences measurement of income is based on cash receipts and cash disbursements

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Question 6

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All of the following questions relate to the Balanced Scorecard's learning and growth perspective EXCEPT:

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How do we increase profits and return on capital? How do we achieve greater employee satisfaction? How will we sustain...