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Chapters 1-4 The Accounting Cycle
Chapters 5-8 Current Assets
Chapters 9-11 Long-Term Assets
Chapters 12-14 Liabilities/Equities
Chapters 15-16 Using Information
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20 Managerial/Cost
Chapters 21-24 Budgeting/Decisions

Chapter 1 - Goals Achievement

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Chapter 1 – Goals Achievement

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Goals Achievement
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Question 1 of 12

1. Question
Accounting information is useful only to the owners of a business.
- true
- false
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Incorrect
Question 2 of 12

2. Question
Which of the following branches of accounting is concerned primarily with external reporting or communicating the results of economic activities to parties outside the firm?
- managerial accounting
- financial accounting
Correct

Incorrect
Question 3 of 12

3. Question
The objectivity principle relates to the historical-cost principle in a manner which is:
- consistent
- inconsistent
Correct

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Question 4 of 12

4. Question
Many accounting measurements are based on the historical-cost principle, which holds that assets and liabilities are initially entered into the accounting records at acquisition cost, but subsequently change as market values change.
- true
- false
Correct

Incorrect
Question 5 of 12

5. Question
Which of the following areas of the accounting profession is sometimes referred to as industry accounting?
- public accounting
- private accounting
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Question 6 of 12

6. Question
Accountants have developed ethical standards that pertain to financial record keeping and reporting.
- yes
- no
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Question 7 of 12

7. Question
The economic resources owned by a company that are expected to benefit future periods are:
- assets
- liabilities
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Question 8 of 12

8. Question
The residual ownership share of a particular entity may be referred to as:
- assets
- owners' equity
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Question 9 of 12

9. Question
Withdrawals of assets by the stockholders (“dividends”) causes retained earnings to:
- increase
- decrease
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Question 10 of 12

10. Question
The term “revenues” means net income.
- right
- wrong
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Question 11 of 12

11. Question
A company could experience a net loss and have dividends during the same accounting period.
- true
- false
Correct

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Question 12 of 12

12. Question
Purchase of assets for cash cause total assets to:
- change
- remain the same
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Illustrative Entries

Examples of journal entries for numerous sample transactions

Account Types

Typical financial statement accounts with debit/credit rules and disclosure conventions

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Includes financial and managerial terms

Time Value of Money

Future and present value tables

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Chapters 1-4
Chapters 5-8
Chapters 9-11
Chapters 12-14
Chapters 15-16
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20
Chapters 21-24
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