Scribd
Upload
27 views1 page

Short Answer Questions

The document lists short answer questions about accounting topics including the role of accounting, balance sheets, users and uses of accounting information, opportunities in accounting, ethics in accounting, revenue recognition guidelines, business organizations, GAAP, the accounting equation, distinguishing liabilities from equity, return on assets, activities reported on the statement of cash flows, and the four basic financial statements.

Uploaded by

Nguyen Thanh Thao (K16 HCM)
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
27 views1 page

Short Answer Questions

The document lists short answer questions about accounting topics including the role of accounting, balance sheets, users and uses of accounting information, opportunities in accounting, ethics in accounting, revenue recognition guidelines, business organizations, GAAP, the accounting equation, distinguishing liabilities from equity, return on assets, activities reported on the statement of cash flows, and the four basic financial statements.

Uploaded by

Nguyen Thanh Thao (K16 HCM)
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 1

Short Answer Questions

 
218. Explain the role of accounting in the information age.  
219. What is the balance sheet? What is its purpose? 
220. Identify the users and uses of accounting information. 
221. What are two questions that an owner might be able to answer by looking at accounting
information? 
222. Identify several opportunities in accounting and its related fields.  
223. Explain why ethics are an integral part of accounting. 
224. Describe the three important guidelines for revenue recognition. 
225. Identify the three basic forms of business organizations. 
226. How does the objectivity principle support ethical behavior? 
227. Why should assets be recorded at historical cost? 
228. Identify the two main groups involved in establishing generally accepted accounting
principles. 
229. How does the going-concern principle affect reporting asset values of a business? 
230. Identify and describe the three major activities of business organizations. 
231. Describe the relation between revenues, expenses, and net income. 
232. Explain the accounting equation, and define its terms. 
233. What distinguishes liabilities from equity? 
234. What is the purpose of return on assets as an analytical tool? 
235. Shawn Nelson, owner of LoveSac, made a decision to open a retail store in a local mall.
236. Discuss the relation between risk and return. 
237. Describe the three types of activities reported on the statement of cash flows. 
238. Identify and describe the four basic financial statements: 

You might also like