EXAM 1ACCOUNTING SMARTBOOK

Which of these would be found on a company's balance sheet? (Select all that apply.)

Equipment Notes payable Accounts receivable

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

Independence Full-time board members Private sector organization

True or false: Technical accounting skills represent the only skills required of accounting professionals.

f

The two sources of stockholders' equity are amounts

paid in from shareholders earned by the corporation

Which of the following knowledge and skills should an accounting professional possess?

Ability to work in teams Technical accounting knowledge Presentation skills Leadership skills

Which of the following appear(s) on the balance sheet?

Accounts receivable Utilities payable Common stock

Stockholders' equity arises primarily from amounts invested by shareholders and amounts

earned by the corporation

Information that best explains companies' stock price performance is reported in the

income statement

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

income statement.

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

Ethical conduct

is the common abbreviation for the Board that currently establishes financial accounting and reporting standards in the U.S. (Enter the acronym.)

FASB

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

retined earnings