What is the branch of accounting that prepares financial statements for use by owners, creditors, suppliers, and other external stakeholders?
Edited Accounting Equation

Quiz
•
Specialty
•
11th Grade
•
Hard

Katherine S
FREE Resource
25 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Financial accounting
Managerial accounting
Cost accounting
Tax accounting
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What are resources of economic value owned by a business called?
assets
liabilities
expenses
revenues
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is an amount owed (debt) by a business known as?
liability
asset
equity
revenue
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the term for the owners' claim to assets?
stockholders equity
liabilities
revenue
expenses
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The following represent amounts a company is waiting to receive in the future from a customer for the sale of goods or services:
accounts receivable
accounts payable
inventory
deferred revenue
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The following represent the amounts a company owes for goods or services already acquired on account (on credit):
accounts payable
accounts receivable
inventory
equity
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a transaction in which the merchandise purchased and received by a company is to be paid to their suppliers at a later date called?
purchase on account
cash purchase
immediate payment
prepaid order
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