ACCTG 201- Module 1 leansmart

Which of the following are attributes of FASB? (Select all that apply.)

- full time board members - independent -private sector orgainization

The two main functions of BLANK are to (1) measure business activities and (2) to communicate those measurements to investors and creditors. (Enter only one word.)

accounting

the accumulated net income earned since the inception of the corporation and not yet paid to shareholders is referred to as

Retained Earnings

Which of the following financial statements shows a firm's financial position on a particular date?

balance sheet

a term that refers to a code or moral system that provides criteria for evaluating right or wrong.

Ethics

a net loss -- net earnings

decreases

The private sector organization that is currently responsible for setting accounting standards in the United States is the

financial accounting principles board

information that best explains companies stock price performance is reported on the

income statement

the financial statement that summarizes revenues and expenses for a period of time is the

income statement

the financial statement that is most useful in explaining a company's stock price performance is the

income statement (net income)

Which of the following represents the net income earned by a corporation and not yet paid to shareholders?

retained earnings