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Test 9 - Owner's equity Correct Answer accounting Question...

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Question 1 1 out of 1 points Management accounting furnishes information to individuals and groups both inside and outside the organization. Correct Answer: False Question 2 1 out of 1 points Accountants do all of the following except ________. Correct Answer: locate capital Question 3 1 out of 1 points Working in the field of ________ accounting, John Bates furnishes information to individuals and groups both inside and outside his organization to help them assess the firm's financial performance. Correct Answer: financial Question 4 1 out of 1 points Which of the following may cause a company to have cash problems? Correct Answer: All of these Question 5 1 out of 1 points Your ________ statement shows your revenues and expenses. Correct Answer: income Question 6 1 out of 1 points Your balance sheet is based on the ________ equation: Assets = Liabilities +
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Unformatted text preview: Owner's equity. Correct Answer: accounting Question 7 1 out of 1 points The difference between your sales and your cost of goods sold is known as your ________. Correct Answer: gross profit or gross margin Question 8 1 out of 1 points The purpose of accounting is to help ________, who are interested in the activities of a business because they're affected by them. Correct Answer: stakeholders Question 9 1 out of 1 points All of the following appear in the financial statements prepared by accountants except ________. Correct Answer: marketing budgets Question 10 1 out of 1 points ________ are principles for financial reporting established by an independent agency called the Financial Accounting Standards Board. Correct Answer: Generally accepted accounting principles...
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