Business 1000 Final Exam Questions With
Complete Solutions
Accounting |- |CORRECT |ANSWER✔✔-a |comprehensive |system |for |collecting, |analyzing, |and |
communicating |financial |information.
Bookkeeping |- |CORRECT |ANSWER✔✔-Recording |accounting |transactions
The |5 |Users |of |Accountants |- |CORRECT |ANSWER✔✔-1. |Business |Managers
2. |Employees |and |Unions
3. |Investors |and |Creditors
4. |Taxing |Authorities |(financial |statements)
5. |Government |regulatory |agencies
Controller |- |CORRECT |ANSWER✔✔-Head |of |the |AIS; |dependant |on |size |of |company
2 |Basic |Fields |of |Accounting |- |CORRECT |ANSWER✔✔-1. |Financial |Accounting
2. |Managerial |Accounting
Financial |Accounting |- |CORRECT |ANSWER✔✔-Type |of |accounting |that |looks |at |the |company |as
|a |whole; |most |often |used |by |external |users
Managerial |Accounting |- |CORRECT |ANSWER✔✔-Type |of |accounting |that |looks |at |a |piece |of |a |
company |(by |product, |processes, |area, |expense, |etc.); |most |often |used |by |internal |users.
, Assets |of |a |Financial |Statement |- |CORRECT |ANSWER✔✔-1. |Balance |sheet |B/S
2. |Income |sentence |I/S
3. |Statement |of |cash |flow
3 |Professional |Accountants |- |CORRECT |ANSWER✔✔-1. |Chartered |Accountants |(CA)
2. |Certified |General |Accountants |(CGM)
3. |Certified |Management |Accountants |(CMA)
Unification |of |another |Accounting |Association |- |CORRECT |ANSWER✔✔-Chartered |Professional |
Accountants |(CPA)
3 |Accounting |Services |Performed |by |all |Professional |Accountants |- |CORRECT |ANSWER✔✔-1. |
Auditing
2. |Tax |Services
3. |Managerial |Consulting
Bonds |- |CORRECT |ANSWER✔✔-When |a |company |has |too |much |money |so |they |lend |it |to |
another |company
The |Accounting |Equation |- |CORRECT |ANSWER✔✔-Assets |= |Liability |+ |Equity
Assets |- |CORRECT |ANSWER✔✔-Everything |a |company |*owns*
Liability |- |CORRECT |ANSWER✔✔-Everything |a |company |*owes*
Equity |- |CORRECT |ANSWER✔✔-What |is |left |over |belongs |to |shareholders
- |Common |Stock
Complete Solutions
Accounting |- |CORRECT |ANSWER✔✔-a |comprehensive |system |for |collecting, |analyzing, |and |
communicating |financial |information.
Bookkeeping |- |CORRECT |ANSWER✔✔-Recording |accounting |transactions
The |5 |Users |of |Accountants |- |CORRECT |ANSWER✔✔-1. |Business |Managers
2. |Employees |and |Unions
3. |Investors |and |Creditors
4. |Taxing |Authorities |(financial |statements)
5. |Government |regulatory |agencies
Controller |- |CORRECT |ANSWER✔✔-Head |of |the |AIS; |dependant |on |size |of |company
2 |Basic |Fields |of |Accounting |- |CORRECT |ANSWER✔✔-1. |Financial |Accounting
2. |Managerial |Accounting
Financial |Accounting |- |CORRECT |ANSWER✔✔-Type |of |accounting |that |looks |at |the |company |as
|a |whole; |most |often |used |by |external |users
Managerial |Accounting |- |CORRECT |ANSWER✔✔-Type |of |accounting |that |looks |at |a |piece |of |a |
company |(by |product, |processes, |area, |expense, |etc.); |most |often |used |by |internal |users.
, Assets |of |a |Financial |Statement |- |CORRECT |ANSWER✔✔-1. |Balance |sheet |B/S
2. |Income |sentence |I/S
3. |Statement |of |cash |flow
3 |Professional |Accountants |- |CORRECT |ANSWER✔✔-1. |Chartered |Accountants |(CA)
2. |Certified |General |Accountants |(CGM)
3. |Certified |Management |Accountants |(CMA)
Unification |of |another |Accounting |Association |- |CORRECT |ANSWER✔✔-Chartered |Professional |
Accountants |(CPA)
3 |Accounting |Services |Performed |by |all |Professional |Accountants |- |CORRECT |ANSWER✔✔-1. |
Auditing
2. |Tax |Services
3. |Managerial |Consulting
Bonds |- |CORRECT |ANSWER✔✔-When |a |company |has |too |much |money |so |they |lend |it |to |
another |company
The |Accounting |Equation |- |CORRECT |ANSWER✔✔-Assets |= |Liability |+ |Equity
Assets |- |CORRECT |ANSWER✔✔-Everything |a |company |*owns*
Liability |- |CORRECT |ANSWER✔✔-Everything |a |company |*owes*
Equity |- |CORRECT |ANSWER✔✔-What |is |left |over |belongs |to |shareholders
- |Common |Stock
