Accounting:
Can be divided into two major areas – financial accounting and managerial accounting
Is the means by which business information is communicated to the stakeholders
Is sometimes called the language of business
All answers are correct
Points Received: 1 of 1
Comments:
Question 2. Question :
The resources a business owns are called __________.
assets
liabilities
products
stockholder’s equity
Points Received: 1 of 1
Comments:
Question 3. Question :
Generally accepted accounting principles (GAAP):
Determine the proper content of financial statements
Are accounting “rules”
Are established by the Financial Accounting Standards Board in the United States
All answers are correct
Comments:
Question 4. Question :
Investing activities of the business include:
Activities to obtain the necessary resources (assets) to start the business
Activities that increase assets from selling products
Activities to obtain funds to begin and operate a business
None of these choices describe investing activities
Question 5. Question :
A primary advantage of the corporate form is the ability to obtain large amounts of resources by issuing __________.
stock
cash
loans
products
Points Received: 1 of 1
Comments: