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Adjusting Entries are a. The same as Correcting Entries b. Optional under Generally Accepted Accounting Principles c. Rarely necessary in large companies d. Necessary to

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Adjusting Entries are a. The same as Correcting Entries b. Optional under Generally Accepted Accounting Principles c. Rarely necessary in large companies d. Necessary to bring accounts up to date and match revenue and expense Generally Accepted Account Principles require that companies use the ____of accounting. a. Cash basis b. Accrual basis c. Deferral basis d. Solvent basis Analyze and interpret the four basic financial statements consisting of a balance sheet, income statement, and of shareholders' equity and cash flows. A list of a business entity's assets, liabilities, and stockholders' equity as of a specific date is a(n): a. Income Statement b. Balance Sheet c. Statement of Stockholders' Equity d. Cash Flow Statement Which Financial Statement provides the detail of what a company EARNED during a specific period of time: a. Income Statement b. Balance Sheet c. Statement of Stockholders' Equity d. Cash Flow Statement Which is true about the Statement of Retained Earnings: a. Retained Earnings increases by Net Income and increases by Dividends. b. Ending Retained Earnings must be equal to Net Income on the Income Statement. c. Earnings on the Balance Sheet will be equal to Beginning Retained Earnings on the Statement of Retained Earnings. d. Retained Earnings increases by Net Income and decreases by Dividends. The order of presentation of activities on the statement of cash flows is: a. Operating, Financing, Investing b. Investing, Financing, operating c. Financing, Investing, operating d. operating, Investing, Financing Recognize the importance of ethical and moral considerations in a business. The Three objectives of internal Control of a company include all of the following EXCEPT a. Help safeguard Assets of the company. b. Ensure that wages paid by the company are competitive. c. Process Accurate Business Information. d. Ensure that employees and managers comply with laws and regulations

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