Principles of Accounting Exam #1 (With Formulas) || Questions & Answers (100% Verified)

Principles of Accounting Exam #1 (With Formulas) || Questions & Answers (100% Verified) Principles of Accounting Exam #1 (With Formulas) || Questions & Answers (100% Verified) What does IFRS stand for? - ANSWER - International Financial Reporting Standards T or F? Generally Accepted Accounting Principles apply to the general-purpose financial statements prepared primarily for use by external parties of an organization - ANSWER - True T or F? Managerial accounting differentiates itself from financial accounting in that the primary users of managerial accounting are parties internal to an organization - ANSWER - True Which of the following is a form of business organization that exists as a separate legal entity? a. A sole proprietorship b. A labor union c. A corporation d. A partnership - ANSWER - A corporation Which one of the following is an internal user of financial information? a. creditors b. internal revenue service c. customer d. company management - ANSWER - Company management Generally Accepted Accounting Principles (GAAP) are - ANSWER - accounting standards that apply primarily to the process of financial accounting an income statement: - ANSWER - reports are firm's profit or loss for a period of time The accounting equation states: - ANSWER - Assets = Liabilities + Stockholders' Equity Which of the following is NOT one of the four primary financial statements - ANSWER - IRS form 1040 T or F? In the general journal for a manual system, the debit entry is always listed first - ANSWER - True T or F? For a given journal entry, the total debt and total credit amounts DO NOT need to be equal - ANSWER - False