BUSN 100 Week 6 Quiz

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BUSN 100 Week 6 Quiz

Quiz Submissions - Week Six Quiz

 

Professional accountants look at the accounting records and reports of a business from two perspectives.

Question options:

 

o   Financial accounting and managerial accounting

o   Revenue and income

o   Budgets and expenses

o   Profit and loss

 

 

Question 2                

 

In the United States ________________has been the designated independent entity for established accounting reporting standards since 1973.

Question options:

 

o   Securities and Exchange Commission (SEC)

o   Generally Accepted Accounting Principles (GAAP)

o   Financial Accounting Standards Board (FASB)

o   International Accounting Standards Board (IASB)

 

 

 

 

 

 

Question 3                

There are six basic types of accounts. Which of the following is not a basic account?

Question options:

 

o   Journal accounts

o   Equity accounts

o   Asset accounts

o   Expense accounts

 

 

Question 4                

Financial Accounting is the process of

Summarizing financial data taken from an organization's accounting records and publishing in the form of ___________ for the benefit of people _________ the organization.

 

 

Question options:

 

o   a press release , inside

o   annual reports, outside

o   annual reports, inside

o   a press release , outside

 

 

Question 5                

The Income Statement is important because it will tell you if your business will be profitable in the future

 

 

Question options:

 

o   True

o   False

 

Question 6                

The Balance Sheet will show you the financial condition of your business, what you own, what you owe, and the owners' financial interest.

 

 

Question options:

 

o   True

o   False

 

Question 7                

Gross margin is simply the difference between Sales and the Cost of goods sold

Question options:

 

o   True

o   False

 

Question 8                

The cost of goods sold is the total cost the owner of a business paid for products sold minus expenses

Question options:

 

o   True

o   False

 

Question 9                

Gross margin is the difference between Sales and the Cost of goods sold. The greater the gross margin is the less profitable a business is likely to be.

Question options:

 

o   True

o   False

 

Question 10              

A ledger is a collection of the accounts of your business where transactions are recorded using the double-entry bookkeeping method

Question options:

 

o   True

o   False