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Chapter Quiz
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1
Accounting is the recording, classifying, summarizing, and interpreting of financial events and transactions, in order to provide management and other stakeholders the information they need to make good decisions.
A)True
B)False
2
Financial accounting is used to provide information and analysis to managers within the organization to assist them in decision making.
A)True
B)False
3
A balance sheet is a type of financial statement.
A)True
B)False
4
The accounting equation is Assets = Liabilities + Owners Equity.
A)True
B)False
5
The return on sales is a type of profitability ratio.
A)True
B)False
6
One purpose of accounting is to ______________________.
A)report financial information to people outside the firm.
B)report HR legal obligations.
C)keep track of laws related to advertising.
D)do all of the above.
7
A(n) __________ is a yearly statement of the financial condition, progress, and expectations of an organization.
A)executive summary
B)annual report
C)financial ledger
D)statement of cash flow
8
A __________ is a summary of all the financial data in the account ledgers.
A)ledger entry
B)journal entry
C)trial balance
D)balance of accounts
9
The __________ provides a summary of money coming into, and going out of, the firm and tracks a company's cash receipts and cash payments.
A)statement of debts and liabilities
B)statement of assets
C)statement of cash flows
D)income statement
10
Performance ratios measure _______________________.
A)the speed of changing assets into cash.
B)the degree to which a firm relies on borrowed funds in its operations.
C)how effectively a firm is using its various resources to achieve profits.
D)how well a company converts its resources to profits.





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