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64 Multiple choice questions

  1. This current liabilty is defined as: I have collected money from a transaction that I haven't earned yet ex: the insurance company on Jan 1, 2016 collected a whole year's worth of premiums for the insurance and owe the company the insurance that was paid for
  2. Liabilities are listed in order of what?
  3. This current liability is money owed to venders for purchases on account or on credit
  4. This current liability is expenses or costs from past transactions place that we haven't paid for yet ex: utility bill and you have 30 days to pay for it
  5. Cash
    Accounts Receivable
    Marketable Securities
    Prepaid Expenses
  6. Assets used or provide benefit for more than one year
  7. 2 types of Liabilities
  8. This current asset is a short term investments in stocks, bonds, that they do not plan on holding for more than a year
  9. This board controls and oversees the rules of accounting
  10. This group oversees the stock market
  11. Sources of uses of cash over a period of time is projected on what statement
  12. 1. Invest 2. Finance 3. Operate these three things are what
  13. Accounting Cycle Steps
  14. things that a company owns or controls that provide future economic benefit
  15. Accounting Year, non-calendar year
  16. This current Liability is ex: bank loan, 20-year mortgage
  17. This type of adjusting balance is defined as to expense assets that were used during the period
  18. Analyzing Transactions
    Record Transactions
    Adjust Balances
    Report Financial Statements
    Close Temporary Accounts
  19. How fast something can be turned into cash
  20. Revenues and Expenses results in Net Income is on what
  21. This contributed capital is the value received in excess or above and beyond the par value for shares sold
  22. Debt to Equity = Total Liabilities / Total Equity
  23. What cost are assets valued at?
  24. This type of Equity is Money received from investors from the sale of the company's stock
  25. Current Assets / Current Liabilities
  26. Property, Plant, and Equipment (land, buildings, equipment utilized)
    Long term investments
    Intangible Assets
  27. Unearned Revenue
    Accrued Revenues
    Prepaid Expenses
    Accrued Expenses
  28. Debt/credit/loan, obligations from transactions that have taken place that result in a future economic sacrifice
  29. LIabilities payed or satisfied within one year
  30. Cash + Marketable Securities + Accounts Receivable / Current Liabilities
  31. Equity Equation
  32. basically what value the company paid for it, but its not very relevant, but it is reliable
  33. Long term borrowings, loans, credits, debts, etc.
  34. This current asset is generated from sales and represents money that our costumer owe us from purchases on account
  35. Shareholder/Investor, funds generated from the sale of shares of stocks as well as income generated from the business
  36. Assets are listed in order of what?
  37. This current asset is stuff the company sells
  38. A type of financial statement analysis where it is used to put different companies on the same level for analytical purposes
  39. Liabilities are valued at the price of what?
  40. The definition for what statement is "includes changes in our equity over a period of time"
    Investor Equity + Income Generated Equity = Total Equity
  41. This contributed capital is the par value of shares of stock sold
  42. This type of adjusting balance is defined as Recording revenue that was earned but not recorded yet for whatever reason
  43. Statement of Cash Flows includes what three cash flow sections
  44. This type of adjusting balance is defined as Expenses incurred during the period but not recorded or paid
  45. This contributed capital is defined as shares of its own stock that a company has purchased from the market
  46. Identify, measure, and communicate business transactions is accomplished in this field of business
  47. This current asset is expense paid for in advance ex: insurance, advertising, travel, etc.
  48. Liabilities and Equity are what
  49. This is for outside users
  50. The accounting rules are called
  51. Assets used and consumed or provide benefit within one year
  52. probable future economic sacrifice resulting from an event or transaction that has taken place
  53. Liabilities not payed or satisfied within one year
  54. Assets, Liabilities, and Equities are included on what
  55. This type of accounting is defined as Record transactions as they take place, not necessarily when cash changes hands
  56. 3 types of expenses
  57. This word is defined by the "basics of business"
  58. Return on Equity = Net Income / Avg. Stockholder's Equity (is what ratio)
  59. Balance Sheet Equation
  60. Meant to fix balances that are incorrect or to add accounts/balances that are missing (4 types of adjustments)
  61. Accounts Payable
    Accrued Expenses or Liabilities
    Short term loans or current maturities of long term loans
    Unearned Revenue
  62. 2 types of Assets
  63. This type of equity is Income Equity retained to finance the business
  64. This non current asset is a patent or a copyright