Details Title: Final Questions Description: For Public Budgeting and Finance Total Flash Cards: 10 Created: 05/06/2008 08:47:00		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Finance Flashcards
Cards in this set: Term Intangible assets are relatively easy to measure Definition False Term Conservatism is a generally accepted accounting principle Definition True Term A Fiscal Year is referred by the year that is begins, for example a fiscal year that begins oct 1, 2008 and ends sept 30, 2009, is referred to as fiscal year 2008 Definition False Term A sinking fund is an account that is in a deficit Definition False Term An Audit is an examination of financial records on an organization to discover material errors Definition True Term A report of the financial position of an organization at a moment in time is: A. GAAP statement B. Balance Sheet C. Cash Flow statement D. Activity statement Definition B. Balance Sheet Term The initial GAAP stand for: A. Government Accountability of assets and performance B. Generally Accepted accounting principles C. Generating accounting action problems D. General acturial accounting practices Definition B. Generally Accepted Accounting Principles Term The Framework for accounting is based on the equation: A. Net worth= Assets - Liabilities B. Owners Equity= Liabilities + Assets C. Net Present Value= Owners Equity - Liabilites/Assets D. Balance= Assets/Liabilities Definition A. Net worth= Assets - Liabilities Term Assets can are: A. All tangible and intangible objects or cash B. Only cash and physical things on-hand C. All objects of value owned by the organization D. Only tangible objects owned by the orginization Definition A. All tangible and intangible objects or cash Term Liabilities are: A. All financial obligations to creditors B. Revenues owned to the organization C. Cash Obligations D. Organizations costs in a fiscal year Definition A. All financial obligations to creditors