Accounting test chapter 1-4 – Flashcards
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Which of the following is the primary purpose of the accounting?
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To identify record and communicate business transaction
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Internal user of accounting information include:
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Line Supervisor
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The primary objective of financial accounting is:
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To provide financial statements to help external users analyzed and interpret an organizations activity
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The area of accounting aimed at serving the decision making needs of internal user is:
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Managerial Accounting
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Which of the following elements are found on the income statement:
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Salaries expense
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An Asset is:
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Something the company owns
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Business can take all of the following forms except:
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Common stock
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A corporation is:
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A legal entity separate and distinct from its owners
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A partnership:
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Has unlimited liability
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If equity is $300,000 and liabilities and $192,000 then Assets equal:
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492,000
