Advanced Accounting
1. What are the standards that all financial reports are created by?
GAAP
BASH
IRS
IASB
CAAP
2.Which of the following is NOT one of the financial statements?
Income Statement
Statement of Retained Earnings
All of the answers name one of the financial statements.
Balance Sheet
Statement of Cash Flows
3.Intangible assets are:
Assets such as a company's reputation or brand awareness
Assets such as buildings
Assets such as cash
Assets that you can touch and feel
4.Choose the best answer to define liabilities.
Liabilities are obligations owed.
Liabilities are costs associated with running a business.
Liabilities are also considered sales.
Liabilities are items that are owned that have value.
5.What does the term 'accounting' mean?
The act of recording financial data to be used later.
The act of collecting, organizing, and interpreting financial data.
The act of filing receipts from transactions.
The act of writing checks in a check register
The act of reporting data.