Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Someone please help me answer these accounting questions. I'm trying to practice and want to check my answers. Thank you! 1. The External Users of

Someone please help me answer these accounting questions. I'm trying to practice and want to check my answers. Thank you! image text in transcribed
1. The External Users of Financial Statements include all EXCEPT the company's a. Investors b. Creditors c. Regulators Managers 2. The Financial Statements are created under a common set of professional standards referred a. The Standards of Accounting Generally Accepted Accounting Principles The Paccioli Principle c. d. Internal Revenue Service Code 3. Which of the following descriptions best describes Financial ACCOUNTING? a Records economic data but does not communicate the data to users according to any specific rules. b. Is an information system that provides financial data to users. c. Is of no use by individuals outside of the internal management of the company. d. Is used only for filling out tax returns and other governmental reports 4. Stockholders in a corporation have an interest in the company because: a. They are the owners of the corporation and have potentially provided major financing for the business. b. They provide incentives for the company to market their products. c. They help market their products to customers or find vendors to supply needed inputs. d. They are responsible for the day to day recording of the transactions of the company. 5. The fundamental equation that double entry Accounting is based on is: a. Assets- Liabilities Owners' Equity b. Assets Revenue-Expense c. Assets- Liabilities Shareholders Equity d. Gross Profit Sales-Cost of Merchandise Sold 6. All of the following occur with a double-entry accounting system EXCEPT: a. The accounting equation remains in balance. b. The sum of all debits is always equal to the sum of all credits in each journal entry. c. Every transaction affects at least two accounts. d. Revenues will always equal Expenses

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Puzzling Auditing Puzzles

Authors: Janice P. Russell

1st Edition

0873894782, 978-0873894784

More Books

Students also viewed these Accounting questions

Question

Discuss the goals of financial management.

Answered: 1 week ago

Question

What is the preferred personality?

Answered: 1 week ago