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Financial Accounting- Chapter 1 (Milbach) Exam Questions and Complete Solutions Graded A+
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Financial Accounting- Chapter 1 (Milbach) Exam Questions and Complete Solutions Graded A+
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Financial Accounting-Chapter 1 (Milbach)
Exam Questions and
Complete Solutions
Graded A+
Denning [Date] [Course title]
, ______ provide financial resources in exchange for ownership in businesses. Owners expect businesses
to return to them a share of the business, including a portion of earned income - Answer: Investors
_______ lend financial resources to businesses. Instead of a share of the business, they expect the
businesses to repay borrowed resources plus a specified fee. - Answer: Creditors
Parties interested in the operations of a business, including owners, lenders, employees, suppliers,
customers, and government agencies. - Answer: stakeholders
The accounting information used by EXTERNAL users is provided by - Answer: financial accounting
GAAP stands for _______. They are rules and practices that accountants agree to follow in financial
reports prepared for public distribution. They are established by the FASB - Answer: generally accepted
accounting principles
Companies do NOT have to follow GAAP when preparing ______ reports - Answer: management
account reports
What are the four financial statements businesses use to communicate information to stakeholders? -
Answer: -income statement
-statement of changes in stockholders' equity
-balance sheet
-statement of cash flows
The primary financial statement categories are known as - Answer: elements
Detailed information about the elements is maintained in records commonly called - Answer: accounts
What are the 3 ways a business can get assets? - Answer: -liabilities
-investors
-operations
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