14 Which the following non-government GAAP today? ganizations is primarwy responsible for establishing inancial Accounting Standards Board (FASB) b. Exchange Commission (SEC) c, Internal Revenue Service (IRS) d. Federal Government 15. The three forms of business entities are a. Government, cooperatives, and philanthropic organizations b- Financing, investing. and operating C. Sole proprietorships, partnerships, and corporations d. Wholesaler, manufacturer, and retailer 16. Which of the following invests funds into a business and is considered an owner? a. Stockholders b. Creditors C. Bankers d. Lenders 17. Land is purchased on credit. For this transaction, identify the effect on the accounting equation a. Assets increase and liabilities increase. b. Assets increase and owners\' equity increases. c. Liabilities increase and owners\' equity decreases. d. Liabilities decrease and assets decrease. 18. An entry made to the right side of an account is called a system a. debit d. journal entry b. credit 19. Which one of the following financial statements reports an entity\'s financial position at a a specific date? a. Balance sheet earnings b. of retained c, Income statement and the balance sheet d. Both the income statement 20. The system of accounting which there are at least two affected in every stays in is a(an). transaction so that the accounting a. Double-entry system b. Debit c. credit d.
Solution
14,B
15.D
16.a. stock holders
17.C
18. debit
19. D. both
20A. Double - entry system
.
14 Which the following non-government GAAP today- ganizations is prima.docx
1. 14 Which the following non-government GAAP today? ganizations is primarwy responsible for
establishing inancial Accounting Standards Board (FASB) b. Exchange Commission (SEC) c,
Internal Revenue Service (IRS) d. Federal Government 15. The three forms of business entities
are a. Government, cooperatives, and philanthropic organizations b- Financing, investing. and
operating C. Sole proprietorships, partnerships, and corporations d. Wholesaler, manufacturer,
and retailer 16. Which of the following invests funds into a business and is considered an owner?
a. Stockholders b. Creditors C. Bankers d. Lenders 17. Land is purchased on credit. For this
transaction, identify the effect on the accounting equation a. Assets increase and liabilities
increase. b. Assets increase and owners' equity increases. c. Liabilities increase and owners'
equity decreases. d. Liabilities decrease and assets decrease. 18. An entry made to the right side
of an account is called a system a. debit d. journal entry b. credit 19. Which one of the following
financial statements reports an entity's financial position at a a specific date? a. Balance sheet
earnings b. of retained c, Income statement and the balance sheet d. Both the income statement
20. The system of accounting which there are at least two affected in every stays in is a(an).
transaction so that the accounting a. Double-entry system b. Debit c. credit d.
Solution
14,B
15.D
16.a. stock holders
17.C
18. debit
19. D. both
20A. Double - entry system
