Accounting Flashcard

Front

Accounting is the “language of _____”.

Back

business

Front

Financial accounting information ______.

Back

summarizes what has already occurred

Front

External users of financial accounting information include all the following except ______.

Back

employees of a business

Front

Who would have access to Managerial Accounting information?

Back

Managers

Front

All the following are examples of managerial accounting activities except ________.

Back

preparing external financial statements in compliance with GAAP

Front

Which of the following is not true? Organizations add value to society, Organizations have inflows & outflows of resources, Organizations need accounting information, Organizations share a common purpose or mission

Back

Organizations share a common purpose or mission

Front

What type of business primarily serves a community need? Options: For-profit, Manufacturing, Non-profit, Retail

Back

Non-profit

Front

Which of the following is not a retailer? Car dealership, Computer manufacturer, Grocery store, Electronics store

Back

Computer manufacturer

Front

A governmental agency can best be described by which of the following? It has a primary purpose of making a profit, It has a primary purpose of using taxpayer funds to provide public services, It has regular shareholder meetings, It produces goods for sale to the public

Back

It has a primary purpose of using taxpayer funds to provide public services

Front

Which is not a type of not-for-profit entity? Community foundation, Local movie theater, Public library, University

Back

Local movie theater