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Principles of Accounting Review: Professor Alicia Davis, Eds Spring 2021

This document contains a principles of accounting review with 20 multiple choice questions covering topics such as the 4 financial statements, sole proprietorships, the Fortune 500, types of businesses, accounting standards, and the roles of the FASB and SEC. It is a study guide for an accounting principles course being taught by Professor Alicia Davis in the spring of 2021.

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Isha Patel
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65 views3 pages

Principles of Accounting Review: Professor Alicia Davis, Eds Spring 2021

This document contains a principles of accounting review with 20 multiple choice questions covering topics such as the 4 financial statements, sole proprietorships, the Fortune 500, types of businesses, accounting standards, and the roles of the FASB and SEC. It is a study guide for an accounting principles course being taught by Professor Alicia Davis in the spring of 2021.

Uploaded by

Isha Patel
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Principles of Accounting Review

Professor Alicia Davis, EdS


Spring 2021

NAME: ISHA PATEL____________________ DATE: MARCH 17, 2021________________________

1. In 2018, The Watkins Company reported total liabilities of $40,000 and total owner’s equity of
$17,859. Using this information, what was the company’s total assets for the year?
___________________________________

2. List the 4 financial statements:


a. Income Statement __________________________________________________
b. Retained Earnings ___________________________________________________
c. Balance Sheet___________________________________________________
d. Statement of Cash Flows___________________________________________________

3. In a sole proprietorship, the personal property of the owner can be used to satisfy the debts of
the company. True or False

4. The largest corporations in the United States are known as the “Fortune 500.” True or False

5. Most businesses in the United States operate as corporations and earn the highest amount of
revenue. True or False

6. The Statement of Retained Earnings is prepared before the Income Statement. True or False

7. Assets are considered to be the debts of the company. True or False

8. Rent payable would be an example of a liability. True or False

9. Financial accounting is intended to provide information to users outside of the company. True
or False

10. Land is an example of owner’s equity. True or False

11. Financial reporting for Apple would be governed by the SEC. True or False

12. The Balance Sheet is referred to as the Profit & Loss Statement. True or False

13. ______________________________ is a system of gathering information about a business and


reporting the information to users.
a. Accounting
b. FASB
c. GAAP
d. None of the above

14. A _______________________ provides a service to its customers.


a. Service business
b. Merchandising business
c. Manufacturing business
d. None of above

15. ________________________ are rules that govern financial reporting.


a. FASB
b. SEC
c. GAAP
d. None of the above

16. The purpose of the ______________________ is to develop standards for reporting financial
information to stockholders within the United States.
a. IASB
b. FASB
c. GAAP
d. None of the Above

17. ____________________________ may have many owners, shareholders, and they usually
employ professional managers.
a. Sole proprietorships
b. Partnerships
c. Corporations
d. None of above

18. Members of the _______________ are appointed, and this body ensures that the rules are
followed with respect to financial reporting.
a. FASB
b. SEC
c. GAAP
d. None of the Above

19. A ____________________________ buys products from another business to sell to customers.


a. Service business
b. Merchandising business
c. Manufacturing business
d. None of above

20. ____________________________ make the products that are sold to their customers.
a. Service businesses
b. Merchandising businesses
c. Manufacturing businesses
2
d. None of above

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