ACC 1.01 & 1.02

Imagine you're a detective, and you've stumbled upon a secret code. The code is actually the standards, conventions, and rules that accountants follow to prepare financial reports. What is this code known as?

• generally accepted accounting principles.

• accounting and audit procedures.

• management accounting.

• executive accounting.

Hey there, future millionaire! Can you guess the popular term for a retirement savings plan that your employer sponsors, allowing you to stash away and grow your paycheck before Uncle Sam takes his share?

• 401(k) savings plan

• certificate of deposit

• 529 savings plan

• stock fund

Imagine you're a top executive at a bustling company. You're involved in making daily operating decisions like hiring and purchasing. What type of accounting would you rely on to report information and guide your decisions?

• Computerized Accounting

• Financial Accounting

• Management Accounting

• Manual Accounting

Imagine you're a time traveler! You've landed in a world where financial reporting periods start on January 1 and end on December 31. What is this period called in our world?

• accounting cycle

• calendar Year

• budget year

• audit cycle

Imagine you're on a mission to help individuals and business organizations with financial advice. You've got the education, experience, and even passed a uniform exam. What would your career title be?

• bookkeeper

• accounting clerk

• public accountant

• certified public accountant

Imagine you're a business tycoon! Which term would you use if you had to shoulder all the company's debts and obligations?

• limited liability

• stock obligation

• unlimited liability

• taxation obligation

Imagine you're on a game show and the host asks you this question: 'In which type of business ownership structure does each owner in the group risk losing his/her personal property even though responsibilities are shared?' Can you answer it?

• limited liability company

• sole proprietorship

• partnership

• corporation

Imagine you're a business tycoon! What kind of business would you run if you were to buy raw materials and magically transform them into finished products?

• entrepreneruial

• manufacturing

• merchandising

• service

In which type of business are operations and production usually unaffected when ownership is transferred?

• corporation
• partnership
• sole propreitorship
• limited liability company

The accounting assumption that a business is expected to survive and operate indefinitely is called a:

• business entity.
• capital concern.
• charter entity.
• going concern.