Financial accounting is the area of accounting aimed at serving external users by providing them with general-purpose financial statements.
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Ethical behavior requires that:
Auditors invest in businesses they audit.
B. Auditors' pay depends on the success of the client's business.
C. Auditors' pay not depend on the success of the client's business.
D. Analysts report information favorable to their companies.
E. Managers use accounting information to benefit themselves.
The accounting concept that requires every business to be accounted for separately from other business entities, including its owner or owners is known as the:
A. Time-period assumption.
B. Revenue recognition principle.
C. Measurement (Cost) principle.
D. Business entity assumption.
E. Going-concern assumption.
If a company purchases equipment costing $4,500 on credit, the effect on the accounting equation would be:
Assets increase $4,500 and liabilities decrease $4,500.
B. Assets increase $4,500 and liabilities increase $4,500.
C. Equity decreases $4,500 and liabilities increase $4,500.
D. Equity increases $4,500 and liabilities decrease $4,500.
E. Liabilities decrease $4,500 and assets increase $4,500.
Identify the account below that is classified as an asset account:
Accounts Payable
B. Unearned Revenue
C. J. Jackson, Capital
D. Service Revenue
E. Supplies
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