Term
| Intangible assets are relatively easy to measure |
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Definition
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Term
| Conservatism is a generally accepted accounting principle |
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Definition
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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
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Definition
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Term
| A sinking fund is an account that is in a deficit |
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Definition
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Term
| An Audit is an examination of financial records on an organization to discover material errors |
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Definition
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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 |
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Definition
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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 |
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Definition
| B. Generally Accepted Accounting Principles |
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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 |
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Definition
| A. Net worth= Assets - Liabilities |
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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 |
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Definition
| A. All tangible and intangible objects or cash |
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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 |
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Definition
| A. All financial obligations to creditors |
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