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Accounting Chapter 1,2,3 test

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1.
5 points
General Accepted Accounting Principles
2.
5 points
A company that buys finished products and resells them to individuals or other business is a service business.
3.
5 points
Financial rights to the assets of a business.
4.
5 points
A business activity that changes assets, liabilities, or owner's equity.
5.
5 points
Someone who is expected to make choices and decisions about the design of the accounting system.
6.
5 points
Expectation that business will remain in operation indefinite.
7.
5 points
Refers to how a company uses a code of conduct, which is designed to encourage ideal behavior when making decisions.
8.
5 points
A company that buys raw materials and transfers them into finished products through the use of labor and capital is merchandising business.
9.
1 point
Organized summaries of a business's financial activities.
10.
5 points
Financial information is recorded and reported separately from the owner's personal information
11.
5 points
Anything of value that is owned.
12.
5 points
A business activity that changes assets, liabilities, or owner's equity.
13.
5 points
A business owned by two or more people is a partnership.
14.
5 points
What does IRS stand for?
15.
5 points
A business organization that is recognized by law to have a life of its own
16.
5 points
A business owned by one person.
17.
5 points
An amount owed by a business.

18.
5 points
A sale for which cash will be received at an later date.
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