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Quiz Accounting is language of business

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1) Accounting is the information system that measures business activity, processes the data into reports, and communicates the results to decision makers.
True
False

2) Accounting is "the language of business."
True
False

3) A debt that a business owes to an outside party is called:
A) an asset.
B) a liability.
C) stockholders' equity.
D) revenue.

4) There are relatively few types of revenue. Which of the following in NOT a type of revenue?
A) Common Stock
B) Service
C) Interest
D) Sales

5) A promise received from a business's customers to pay for goods and services that they received from the business is called a(n):
A) account receivable.
B) account payable.
C) revenue.
D) expense.

6) Which of the following statements BEST describes managerial accounting?
A) Managerial accounting focuses on information for internal decision making.
B) Managerial accounting focuses on outside investors and lenders.
C) Managerial accounting provides information for the public.
D) Managerial accounting provides information for taxing authorities.

7) By definition, which of the following represents the owners of a corporation?
A) Customers
B) Creditors
C) Stockholders
D) Employees

8) Which of the following statements BEST defines financial statements?
A) Financial statements are the information systems that record and measure business transactions.
B) Financial statements are the verbal statements made to business news organizations by chief financial officers.
C) Financial statements are documents that report on a business in monetary terms, providing information to help
people make informed business decisions.
D) Financial statements are plans and forecasts for future time periods.

9) Items such as buildings and land are:
A) liabilities.
B) equity.
C) assets.
D) revenues.

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