, Business - Accounting II of VI pages
Circle the letter of the Answer that corresponds to the displayed Question.
1. Partnership
A: The type of accounting that focuses on reporting information to management; often referred to as
B A business owned by tow or more persons, called partners, who agree to operate the business as
C: A business that provides a needed service for a fee.
D: A person who transforms ideas for products and services into real-world businesses.
2. Going Concern
A: (Generally Accepted Accounting Principles) The set of rules that all accountants use to prepare
B The accounting assumption that a business is expected to operate indefinitely.
C: A business owned by one person.
D: A person who transforms ideas for products and services into real-world businesses.
3. Manual Accounting System
A: The legal permission, granted by state, that gives a cooperation certain rights and privileges and spells
B A type of accounting system in which information is processed by hand.
C: The accounting assumption that a business exists independently of its owner's personal holdings. The
records and reports are maintained separately and contain financial information related only to the
D: The accounting assumption that a business is expected to operate indefinitely.
4. Management Accounting
A: The type of accounting that focuses on reporting information to external users.
B: A business owned by one person.
C The type of accounting that focuses on reporting information to management; often referred to as
D: Documents that present summarized information about the financial status of a business.
5. Manufacturing Business
A: A type of accounting system in which information is recorded by entering it into a computer.
B A business that buys raw materials and transforms them into finished products by using labor and
C: Documents that present summarized information about the financial status of a business.
D: A business that buys finished goods and resells them to individuals or other businesses.
6. Charter
A: A business origination recognized by law to have a life of its own.
B The legal permission, granted by state, that gives a cooperation certain rights and privileges and spells
C: The accounting assumption that a business is expected to operate indefinitely.
D: A business owned by one person.
Business - 2024/25 2024/2025 Edition
Circle the letter of the Answer that corresponds to the displayed Question.
1. Partnership
A: The type of accounting that focuses on reporting information to management; often referred to as
B A business owned by tow or more persons, called partners, who agree to operate the business as
C: A business that provides a needed service for a fee.
D: A person who transforms ideas for products and services into real-world businesses.
2. Going Concern
A: (Generally Accepted Accounting Principles) The set of rules that all accountants use to prepare
B The accounting assumption that a business is expected to operate indefinitely.
C: A business owned by one person.
D: A person who transforms ideas for products and services into real-world businesses.
3. Manual Accounting System
A: The legal permission, granted by state, that gives a cooperation certain rights and privileges and spells
B A type of accounting system in which information is processed by hand.
C: The accounting assumption that a business exists independently of its owner's personal holdings. The
records and reports are maintained separately and contain financial information related only to the
D: The accounting assumption that a business is expected to operate indefinitely.
4. Management Accounting
A: The type of accounting that focuses on reporting information to external users.
B: A business owned by one person.
C The type of accounting that focuses on reporting information to management; often referred to as
D: Documents that present summarized information about the financial status of a business.
5. Manufacturing Business
A: A type of accounting system in which information is recorded by entering it into a computer.
B A business that buys raw materials and transforms them into finished products by using labor and
C: Documents that present summarized information about the financial status of a business.
D: A business that buys finished goods and resells them to individuals or other businesses.
6. Charter
A: A business origination recognized by law to have a life of its own.
B The legal permission, granted by state, that gives a cooperation certain rights and privileges and spells
C: The accounting assumption that a business is expected to operate indefinitely.
D: A business owned by one person.
Business - 2024/25 2024/2025 Edition
