Accounting

Financial  accounting  is  focused  on  the              financial statements of a company.

• external

• Internal

Financial statements report the fair market value of a company.

• True

• false

Corporations whose stock is publicly traded must have their financial statements

                by independent certified public accountants.

• Financed

• Audited

“fair value” is the amount that an asset could be sold for (or that a liability could be settled for) that's fair to both buyer and seller.

• True

• False

Financial statements are records that reflect how a company has performed financially in a fiscal year.

• True

• False

The U.S. government agency with authority over the financial reporting requirements of publicly traded corporations is the     .

• IRS

• SEC

The non-government organization that researches and develops new accounting standards is the              

• FASB

• IRS

• SEC

The  main  components  or  elements  of  the  income statement are                          ,expenses, gains, and losses.

• revenue

• investment

An accountant who reviews the accounting procedures of a company is called

• an auditor         

•     an audience     

• a lawyer

The term "equity" refers to the owners'                 of the business.

• Partition        

•         share                                          

•      sharing