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Financial Accounting > intro to accounting > Flashcards

intro to accounting Flashcards

quiz one

1
Q

A service activity; provides quantitative information

A

ACCOUNTING

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2
Q

information system that measure, process, and communicates financial information; act of recording classifying, and summarizing manners

A

ACCOUNTING

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3
Q

provide required capital for the business, cash investment that will be then held in the bank.

A

INVESTOR

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4
Q

converted into another type of asset that will be then used in the business or sold

A

ASSET

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5
Q

spent on operating cost such as salaries, supplies, salaries, and utility.

A

CASH

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6
Q

provides the basis for producing the products and services.

A

RESOURCES

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7
Q

the sale of product or service generates an asset; this asset once collected will produce a cash inflow for the business

A

RECEIVABLE

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8
Q

the cash inflow from collections will be use to provide the debt providers with interest on their loans of the company.

A

DEBT FROM BANK

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9
Q

Selling people’s time; hiring skilled staff; accounting/ barbers/ electricians

A

SERVICES

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10
Q

Buying and selling products; buying raw materials and making them available for sale; wholesaler/ retailer

A

TRADER

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11
Q

designing products aggregating components and assembling finished products; raw materials and staff to convert them into a finished products; Vehicle assembly/ food and drinks/ pharmaceutical

A

MANUFACTURE

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12
Q

growing or extracting raw materials; buying blocks of land and using them to provide raw materials; farming/ mining/ oil

A

RAW MATERIALS

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13
Q

selling the utilization of infrastructure; buying and operating assets, selling occupancy; transport/ hotels/ sport facilities/ property/ management

A

INFRASTRUCTURE

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14
Q

receiving deposits, lending, and investing money; using the money to provide loans to borrowers charging them fees and a higher rates of interest than the depositors’ received; bank/ investment house

A

FINANCIAL

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15
Q

pooling premiums of many to meet claims of few; collecting cash money to pay the losses experience by few; customer/ insurance company

A

INSURANCE

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16
Q

has single owner called proprietorship who generally is also the manager; absorbs all losses and sole responsibility

A

SOLE PROPRIETORSHIP

17
Q

business are operated by two or more persons who contribute money property to common fund; have the intention of dividing the profits among themselves; distinct from personal affairs; each partners are personally reliable for any debt; profits is divided among partners

A

PARTNERSHIP

18
Q

business created by operation of law, having rights of succession and the powers, attributes, and properties authorized by law to its existence; stockholders are not personally liable for corporation debts; higher tax; maximum 50 shareholders and less than 15 stockholders

A

CORPORATION

19
Q

owner of shares in the company; EQUITY STAKES

A

SHAREHOLDERS

20
Q

owns stocks in the company; inventory than equity

A

STOCKHOLDERS

21
Q

obtain financial resources from financial markets and how these resources

A

FINANCING

21
Q

use capitals from financing activities to acquire other resources used in transform resources

A

INVESTING

21
Q

use of resources to design, produce, distribute, and market goods and services

A

OPERATION

22
Q

3,000,000 - LESS; 1-9

A

MICRO

23
Q

3,000,001 - 15,000,000; 10 - 99

A

SMALL

24
Q

15,000,001 - 100,000,000; 100 - 199

A

MEDIUM

25
Q

ACCOUNTING is primarily concerned with creating marketing strategies.

A

FALSE / MARKETING

25
Q

A corporation can have more than 50 stockholders

A

FALSE / MAXIMUM

26
Q

insurance companies POOL PREMIUMS from many to meet the claims of a few

A

TRUE

26
Q

PARTNERSHIP is a separate entity distinct from the personal affairs of each partners

A

TRUE

26
Q

INVESTING ACTIVITIES involve the transformation of resources into goods and services

A

TRUE

27
Q

a SHAREHOLDER refers to someone who owns stock in a company

A

FALSE / STOCKHOLDERS

28
Q

the term receivable in the business refers to an amount owed by the business to its suppliers

A

FALSE / LIABILITIES

29
Q

a corporation’s stockholders are personally liable for the company’s debts

A

FALSE / ARE NOT

30
Q

operating activities include research and development, design, purchasing and production

A

TRUE

31
Q

SOLE PROPRIETORSHIP have a significant disadvantage of shared profit among partners

A

FALSE / PARTNERSHIP

Financial Accounting (2 decks)

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