Question 1

Which of the following financial statements is used to report cash receipts for services provided?

Accepted Answer

A)  income statement
B)  balance sheet
C)  statement of owner's equity
D)  statement of cash flows

Question 2

In the United States,transactions are recorded in dollars because the dollar's purchasing power does not change over time.

Accepted Answer

A) True 
 B)False

Question 3

The SEC is a governmental agency that oversees world-wide financial markets and organizations that set accounting standards.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following financial statements would be most useful if an analyst wants to know the likelihood of repayment of business debts?

Accepted Answer

A)  income statement
B)  balance sheet
C)  statement of owner's equity
D)  statement of cash flows

Question 5

________ represent the right to receive cash in the future from customers for goods sold or for services performed.

Accepted Answer

A)  Accounts Receivable
B)  Accounts Payable
C)  Equity
D)  Expenses

Question 6

The Sarbanes-Oxley Act (SOX) ________.

Accepted Answer

A)  requires independent accountants to take responsibility for the accuracy and completeness of the financial reports
B)  created the SEC
C)  ensures that financial scandals will no longer occur
D)  requires companies to take responsibility for the accuracy and completeness of their financial reports

Exam 1: Accounting and the Business Environment

________ represent the right to receive cash in the future from customers for goods sold or for services performed.

Correct Answer
verified

In the United States,transactions are recorded in dollars because the dollar's purchasing power does not change over time.

Correct Answer
verified

Which of the following financial statements is used to report cash receipts for services provided?

Correct Answer
verified

The Sarbanes-Oxley Act (SOX) ________.

Correct Answer
verified

The SEC is a governmental agency that oversees world-wide financial markets and organizations that set accounting standards.

Correct Answer
verified

Which of the following financial statements would be most useful if an analyst wants to know the likelihood of repayment of business debts?

Correct Answer
verified

Exam 1: Accounting and the Business Environment

________ represent the right to receive cash in the future from customers for goods sold or for services performed.

Correct AnswerverifiedShow Answer

In the United States,transactions are recorded in dollars because the dollar's purchasing power does not change over time.

Correct AnswerverifiedShow Answer

Which of the following financial statements is used to report cash receipts for services provided?

Correct AnswerverifiedShow Answer

The Sarbanes-Oxley Act (SOX) ________.

Correct AnswerverifiedShow Answer

The SEC is a governmental agency that oversees world-wide financial markets and organizations that set accounting standards.

Correct AnswerverifiedShow Answer

Which of the following financial statements would be most useful if an analyst wants to know the likelihood of repayment of business debts?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified