Question 1

At its core, accounting (or record keeping/bookkeeping) is the recording of financial transactions and financial events of a company.

-True

-False

Question 2

Financial accounting is the area of accounting aimed at serving external users by following professional generally accepted accounting principles (GAAP), whereas managerial accounting need not conform with GAAP and is primarily aimed at internal company users such as managers, financial planners, etc.

True

False

Question 3

US - GAAP, or United States Generally Accepted Accounting Principles, require accountants to use ACCRUAL accounting which states that revenues are recognized when earned, and expenses are recognized when incurred. CASH accounting on the other hand is not in accordance with US - GAAP, where we recognize revenues when cash is received and expenses when we make cash payments.

True

False

Question 4

We have a landscaping company and charge a business $300/month to maintain their property from June 1 to August 31. Our customer wants services for the three months and pays us $900 on June 1. Using ACCRUAL accounting, we recognize how much revenue for only the month of June?

Group of answer choices

1)$900

1)$600

3)$300

Question 6

A corporation is:

Group of answer choices

1)Not responsible for its own acts and own debts

2)The same as a limited liability partnership

3)A business legally separate from its shareholders

4)Not subject to double taxation

please as soon as possible!!