Unit 1/ 1.02 Fin Plan

Front

Which of the following is an example of personal financial information: Sales Invoice, Expense Report, Accounts payable record, Pay stub

Back

Pay stub

Front

Which of the following is an example of business-related financial information: Accounts receivable record, Pay stub, School-loan document, Sales receipt from purchasing a new mattress

Back

Accounts receivable record

Front

Which of the following activities is part of accounting: Creating financial information, Developing marketing campaigns based on financial information, Gathering financial information, Making decisions based on financial information

Back

Gathering financial information

Front

Which of the following is a type of financial statement that accountants prepare for a business: Sales Invoice, Balance sheet, Credit-Card Statement, Bank-deposit slip?

Back

Balance sheet

Front

Useful financial information is understandable to

Back

anyone who needs to use it.

Front

For financial information to be relevant, it must also be

Back

timely

Front

For financial information to be reliable, it must also be
understandable, complete, relevant, biased

Back

complete

Front

If an accountant wants to prepare reliable financial reports, s/he must be

Back

neutral

Front

GAAP is a system that provides accountants with

Back

acceptable procedures

Front

For financial information to be comparable, it must also be

Back

consistent