BUS 300 Ch 14 quiz

_____ deals with reporting to outsiders. _____ accounting deals with the internal operations of the firm.

Financial accounting; Managerial accounting

Which of the following is an example of a liability that might be owned by an antique mall?

money owed to utility companies

Fixed assets are property and buildings that a firm expects to use for more than:

one year

In accounting, every transaction must be recorded as two entries. This system is called:

double-entry bookkeeping

The dollar amount of sales plus any other income received from sources like interest and dividends is called:

revenues

The _____ summarizes an organization's financial status at the end of an accounting period.

trial balance

In 2006, the retail industry voted the Bike Gallery as one of the top 100 bicycle retailers in the United States. It recently purchased a truckload of Thule brand bike racks from the manufacturer. Until the Bike Gallery pays the bill, the purchase will be carried on Thule's books as a(n):

account receivable

A(n) _____ is a yearly document that describes a firm's financial status and usually discusses a firm's financial activities during the past year and its prospects for the future.

annual report

An accountant who has a bachelor's degree, passes a test prepared by the professional organization AICPA, and has a certain number of years of on-the-job training becomes a:

certified public accountant

For which of the following assets would a wholesale company use depreciation?

its warehouses