Revision Exercise 8

10問 • 1年前

問題一覧

John is an electrician who runs his own small shop. When tax season comes, he hires an accountant from one of "the Big Four" accounting firms to help him file his business's tax return. In this scenario, John has most likely hired a ________ accountant.

certified public

Which equation is equivalent to the accounting equation?

owners' equity = assets – liabilities

Accounting refers to the process of

recording, measuring, and interpreting financial information

Ivan got a loan from a bank to start his own house contracting business. This loan is a(n)

liability

The total amount of money received from the sale of goods or services, as well as from other business activities such as the rental of property and investments is a firm's

revenue

Net income is

the profit or loss after all expenses have been deducted from revenue

An income statement shows

an organization's profitability over a period of time

Potential investors typically study the ________ in a firm's annual report to determine whether the company meets their investment requirements

financial statements

Management's greatest single concern is ________, which is the movement of money through an organization over a daily, weekly, monthly, or yearly basis

cash flow

When Hunter opened his fish and tackle store, he convinced his family and friends to invest in the store. They invested money and assets to help him start and grow his business. The money and assets these investors contributed to Hunter's store comprise his

owners' equity

Revision Exercise 1

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Revision Exercise 1

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Revision Exercise 2

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Revision Exercise 2

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Revision Exercise 3

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Revision Exercise 3

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Revision Exercise 4

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Revision Exercise 4

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Revision Exercise 5

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Revision Exercise 5

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Revision Exercise 6

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Revision Exercise 6

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Revision Exercise 7

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Revision Exercise 7

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mid-term vocab

yoyo wong · 45問 · 1年前

mid-term vocab

45問 • 1年前

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final exam vocab

yoyo wong · 45問 · 1年前

final exam vocab

45問 • 1年前

yoyo wong

問題一覧

certified public

Which equation is equivalent to the accounting equation?

owners' equity = assets – liabilities

Accounting refers to the process of

recording, measuring, and interpreting financial information

Ivan got a loan from a bank to start his own house contracting business. This loan is a(n)

liability

The total amount of money received from the sale of goods or services, as well as from other business activities such as the rental of property and investments is a firm's

revenue

Net income is

the profit or loss after all expenses have been deducted from revenue

An income statement shows

an organization's profitability over a period of time

Potential investors typically study the ________ in a firm's annual report to determine whether the company meets their investment requirements

financial statements

Management's greatest single concern is ________, which is the movement of money through an organization over a daily, weekly, monthly, or yearly basis

cash flow

owners' equity