Generally accepted accounting principles

Both A & B

Which of the following would not be considered a user of financial information?

All the above are considered interested in financial information.

The field of accounting may best be described as:

The art of interpreting, measuring, and describing economic activity.

The basic purpose of bookkeeping is to:

Record the financial transactions of an economic entity.

Which of the following is not characteristic of financial accounting?

The information is confidential and is intended for use only by company management.

Blue Wholesale Shirt Co. sold shirts to Pink Retail Shoppe. The owner of Pink Retail said she would pay Blue at a later date which Blue Whol

creditor

Owners' equity in a business decreases as a result of which of the following?

Losses from unprofitable operation of the business

Sally Smith had expenses of $800 in June which she paid in July. She declared these expenses on her June income statement.

Matching

The sequence of accounting procedures used to record, classify and summarize accounting information is called the:

Accounting cycle

The collection of accounts receivable is recorded by a:

Debit to Cash and a credit to Accounts Receivable.

Which of the following accounts normally has a debit balance?

Accounts receivable.

In a ledger, a separate "account" is maintained for each:

Type of asset and liability and for each element of owners' equity.

-DONE-

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