BUSN 100 Week 6 quiz

BUSN 100 Week 6 quiz

Author: Dannie Young


Professional accountants look at the accounting records and reports of a business from two perspectives.
In the United States ________________has been the designated independent entity for established accounting reporting standards since 1973.
There are six basic types of accounts. Which of the following is not a basic account?
Financial Accounting is the process of summarizing financial data taken from an organization's accounting records and publishing in the form of ___________ for the benefit of people _________ the organization. 
The Income Statement is important because it will tell you if your business will be profitable in the future
The Balance Sheet will show you the financial condition of your business, what you own, what you owe, and the owners’ financial interest.
Gross margin is simply the difference between Sales and the Cost of goods sold
The cost of goods sold is the total cost the owner of a business paid for products sold minus expenses
Gross margin is the difference between Sales and the Cost of goods sold. The greater the gross margin is the less profitable a business is likely to be.
A ledger is a collection of the accounts of your business where transactions are recorded using the double-entry bookkeeping method

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