Basic Accounting Principles exam
questions and answers 2023
Accounting - answer The systematic recording, reporting, and analysis of financial transactions
according to accepted principles in order to provide meaningful financial information
Generally Accepted Accounting Principles - answer (GAAP) Accounting rules used to prepare,
present, and report financial statements
Financial Accounting Standards Board - answer (FASB)Set accounting principles
Assets - answer Items of value owned by the company
Current Assets - answer Any assets easily converted into cash within one calendar year
Cash - answer Money available immediately
Accounts Receivable - answer Money owed to the business for purchases made by customers,
suppliers, and other vendors
Notes Receivable - answer Notes due within the year
Total Fixed Assets - answer Total dollar value of all fixed assets in your business, less any
accumulated depreciation
Liabilities - answer Debts the company owes or obligations the company has
questions and answers 2023
Accounting - answer The systematic recording, reporting, and analysis of financial transactions
according to accepted principles in order to provide meaningful financial information
Generally Accepted Accounting Principles - answer (GAAP) Accounting rules used to prepare,
present, and report financial statements
Financial Accounting Standards Board - answer (FASB)Set accounting principles
Assets - answer Items of value owned by the company
Current Assets - answer Any assets easily converted into cash within one calendar year
Cash - answer Money available immediately
Accounts Receivable - answer Money owed to the business for purchases made by customers,
suppliers, and other vendors
Notes Receivable - answer Notes due within the year
Total Fixed Assets - answer Total dollar value of all fixed assets in your business, less any
accumulated depreciation
Liabilities - answer Debts the company owes or obligations the company has
