Question

only the final answers plz

1. Which definition below best describes financial accounting? A. Process of measuring income taxes owed to the government. B. System of maintaining communication with a company's customers and suppliers. C. Procedures designed to enhance the company's image to potential investors. D. Measuring business activities and communicating them to external parties. 2. Liabilities can be best described as: A. The amount of expenses over the past year. B. The amount expected to be distributed to stockholders. C. The amount owed to creditors. D. The amount of services provided to customers during the year. 3. Which of the following items would not appear in an income statement? A. Salaries expense. B. Advertising expense. C. Service revenue. D. Cash 4. The two primary components of stockholders' equity found on the Statement of Stockholders' Equity a Balance Sheet of a corporation are: A. Common stock and liabilities. B. Assets and liabilities. C. Common stock and retained earnings. D. Revenues and expenses. 5. Financial accounting and reporting standards in the United States are created primarily by the: A. Securities and Exchange Commission. B. Financial Accounting Standards Board. C. International Accounting Standards Board. D. U.S. Congress. 6. Which statement below best describes the accounting equation? A. The change in retained earnings equals net income less dividends. B. Equality of revenue and expense transactions over time. C. Resources of the company equal creditors' and owners' claims to those resources. D. Revenues - Expenses = Net Income. 7. Net income can best be described as: A. Net cash received by a company during the year. B. Revenues minus expenses. C. The amount of profits retained in a company for the year. D. Resources of a company.

Answer 1

1. C

2. C

3. D

4. C

5. B

6. D

7. B

1. Which definition below best describes financial accounting? A. Process of measuring income taxes owed to the government. B. System of maintaining communication with a company's customers and suppliers. C. Procedures designed to enhance the company's image to potential investors. D. Measuring business activities and communicating them to external parties. 2. Liabilities can be best described as: A. The amount of expenses over the past year. B. The amount expected to be distributed to stockholders. C. The amount owed to creditors. D. The amount of services provided to customers during the year. 3. Which of the following items would not appear in an income statement? A. Salaries expense. B. Advertising expense. C. Service revenue. D. Cash 4. The two primary components of stockholders' equity found on the Statement of Stockholders' Equity a Balance Sheet of a corporation are: A. Common stock and liabilities. B. Assets and liabilities. C. Common stock and retained earnings. D. Revenues and expenses. 5. Financial accounting and reporting standards in the United States are created primarily by the: A. Securities and Exchange Commission. B. Financial Accounting Standards Board. C. International Accounting Standards Board. D. U.S. Congress. 6. Which statement below best describes the accounting equation? A. The change in retained earnings equals net income less dividends. B. Equality of revenue and expense transactions over time. C. Resources of the company equal creditors' and owners' claims to those resources. D. Revenues - Expenses = Net Income. 7. Net income can best be described as: A. Net cash received by a company during the year. B. Revenues minus expenses. C. The amount of profits retained in a company for the year. D. Resources of a company.