Question 1

The names of the four financial statements are ________________________________,________________________________,________________________________,and ________________________________

Accepted Answer

The answer of The names of the four financial statements...

Question 2

___________________ means the presentation of information is free from bias toward a particular result.

Accepted Answer

The answer of ___________________ means the presentation of information is...

Question 3

The federal government agency with the ultimate authority to determine the rules in preparing statements for companies whose stock is sold to the public is the __________________________________________________.

Accepted Answer

The answer of The federal government agency with the ultimate...

Question 4

A ____________ is a certificate that represents a corporation's promise to repay a certain amount of money and interest in the future.

Accepted Answer

The answer of A ____________ is a certificate that represents...

Question 5

According to the accounting profession,the purpose of financial reporting is to provide
information about a company that investors,lenders,and other creditors can use when
deciding whether to provide resources to the entity.

Accepted Answer

Financial reporting is primarily intended to provide useful information to decision-makers who need to make informed decisions about providing resources to the entity. This includes investors, lenders, and other creditors who use financial statements to assess a company's financial health and future prospects.

Question 6

Meredith Corporation is in the business of providing dog and cat grooming services to customers within the city of New York.The following information concerning financial activities during 2014 is available at December 31,2014:

Accepted Answer

The answer of Meredith Corporation is in the business of...

Question 7

Here is a list of accounts and their balances that appear on the Thomas Company's income statement and balance sheet.
  REQUIRED:
Identify which of these are:
(a)Assets
(b)Liabilities
(c)Expenses
(d)Revenues

Accepted Answer

The answer of Here is a list of accounts and...

Question 8

Another name for profits or earnings of a business is _________________________.

Accepted Answer

The answer of Another name for profits or earnings of...

Question 9

The private sector group with authority to set accounting standards is the __________________________________________________.

Accepted Answer

The answer of The private sector group with authority to...

Question 10

_____________ is the type of accounting used by nonbusiness entities.

Accepted Answer

The answer of _____________ is the type of accounting used...

Question 11

The concept that assumes that assets are recorded at the amount to acquire them is called the _________________________.

Accepted Answer

The answer of The concept that assumes that assets are...

Question 12

Good quality information should be both _____________ and present a __________________.

Accepted Answer

The answer of Good quality information should be both _____________...

Question 13

In 2002,Congress passed the ________________ Act to bring reform to corporate accountability and stewardship in the wake of a number of major corporate scandals.

Accepted Answer

The answer of In 2002,Congress passed the ________________ Act to...

Question 14

The various methods,rules,practices,and other procedures that have evolved over time in response to the need to regulate the preparation of financial statements are called __________________________________________________.

Accepted Answer

The answer of The various methods,rules,practices,and other procedures that have...

Question 15

The concept that assumes that an entity is not in the process of liquidation is _________________________.

Accepted Answer

The answer of The concept that assumes that an entity...

Question 16

______________________ consists of all activities necessary to provide the members
of an economic system with goods and services.

Accepted Answer

The answer of ______________________ consists of all activities necessary to...

Question 17

Macon Corporation has been in the business of delivering small packages for local companies within the city of Atlanta,Georgia,since 1960.The following information concerning financial activities during 2014 is available at December 31,2014:

Accepted Answer

The answer of Macon Corporation has been in the business...

Question 18

Owners of corporations are called ____________________.

Accepted Answer

The answer of Owners of corporations are called ____________________....

Question 19

The three types of business activities in which all corporations engage are _______________________,______________________,and _____________________.

Accepted Answer

The answer of The three types of business activities in...

Question 20

The process of identifying,measuring,and communicating economic information to various users is called ____________________.

Accepted Answer

The answer of The process of identifying,measuring,and communicating economic information...

Quiz 1: Accounting As a Form of Communication

The names of the four financial statements are ,,,and