test 1.pdf - Assignment Test 1 1 All of the following are...

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Assignment: Test 1 1. All of the following are examples of retailers except : a. Boeing. b. Home Depot. c. Sports Authority. d. Best Buy. 2. Which of the following best describes the term "expenses"? a. The amount of interest or claim that the owners have in the business. b. The outflow of assets resulting from the sale of goods and services. c. The future economic resources of a business entity. d. The amount of total profits earned by a business since it began operations. 3. The inflow of assets resulting from the sale of products and services is called a(n): a. revenue. b. asset. c. liability. d. expense. 4. The costs of doing business through the sale of goods and services are called: a. net income. b. revenues. c. dividends. d. expenses. 5. Which one of the following is not one of the three activities included in the definition of accounting? a. Measuring b. Communicating
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c. Operating d. Identifying 6. Which one of the following is not an external user of financial statements? a. Suppliers b. Creditors c. Investors d. The company's controller 7. Which one of the following groups is considered an internal user of financial statements? a. A bank reviewing a loan application from a corporation b. The labor union representing employees of a company that is involved in labor negotiations c. Factory managers that supervise production line workers d. The financial analysts for a brokerage firm who are preparing recommendations for the firm's brokers on companies in a certain industry 8. All of the following are different expressions for net income except : a. excess of revenues over expenses. b. capital. c. profits. d. earnings. 9. Which organization, in addition to the Financial Accounting Standards Board (FASB), occasionally issues authoritative rules for financial statements? a. Securities and Exchange Commission (SEC) b. Internal Revenue Service (IRS) c. The Accounting Profession d. International Accounting Standards Board (IASB)
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