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AB 113 AB/113 AB113 Unit 2 Exam (Kaplan)

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AB 113 Unit 2 Exam (Kaplan)

  1. The purchase of tangible and intangible assets is completed through which activity?
  2. When a company provides products or services that are less than the competitor is what type of strategy?
  3. A business creates revenue through the process of ________
  4. Cash that is collected from sales and or services is considered what type of business activity?)
  5. Accounts payable is considered a(an) ________ to a business and posted on the ______ statement (sheet).
  6. Generating revenue for a business is part of what activity?
  7. These items can be found on what statement, assets, liabilites and owners equity.
  8. What is the term that best describes accounting?
  9. What are the three types of business operations that are for profit?
  10. What is the order of preparation for financial statements?
  11. Financial accounting produces reports that are used for ______ users.
  12. Calculate the missing amount in this equation.
    Assets = Liabilities + Stockholders Equity
    85,000 = x + 21,000
  13. The concept that states a company will last indefinitely is_______.
  14. Accounts receivable can be located on which financial statement?
  15. The statement of cash flow shows the movement of ______ in the business activities.
  16. Which statement is preferred by investors?
  17. What activity does not populate the statement of cash flow?
  18. Which is not a major objective of financial accounting?
  19. A business obtains financing through what market?
  20. When is revenue recorded according to the accounting concept?
  21. The asset portion of the balance sheet is listed according to ______ of the asset.
  22. Manager's make decisions on the future of the business using what method of accounting?
  23. Which is an example of a capital market stakeholder?
  24. Providing stakeholders with information on the activities of business is considered the ____.
  25. Which of the following is NOT a business stakeholder(s)?

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