Chapter 1-PFA-2025
Presentation
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Mathematics
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9th - 12th Grade
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Practice Problem
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Easy
+9
Standards-aligned
Steve Howard
Used 1+ times
FREE Resource
85 Slides • 26 Questions
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Multiple Choice
Which of the following best describes accounting as a process?
A system for measuring and communicating financial information
A way to store business documents
A method for hiring employees
A process for marketing products
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Open Ended
Why is it important for businesses to have a framework for financial accounting?
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Multiple Choice
Which of the following decisions might be made by people about companies, according to Illustration 1.1?
Investors decide whether to invest in stock.
Managers decide production and expansion.
Customers decide whether to purchase products.
All of the above.
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Open Ended
Explain how financial accounting information supports the decisions made by different groups of people about companies, as shown in Illustration 1.1 and the explanation of financial accounting.
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Open Ended
Describe the relationship between accountants, companies, and external decision makers as depicted in the framework for financial accounting.
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Fill in the Blanks
Fill in the blank: The two primary functions of financial accounting are to measure business activities and to
Type answer...
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Multiple Select
Which of the following are functions of financial accounting?
Measuring business activities
Communicating information to external users
Setting company policies
Providing information for decision making
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Multiple Choice
Which of the following is NOT typically considered an operating activity for a company?
Paying rent for office space
Selling products to customers
Paying dividends to stockholders
Paying employee salaries
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Fill in the Blanks
Assets = Liabilities +
Type answer...
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Multiple Select
Which of the following activities are directly related to the calculation of net income?
Revenues
Expenses
Dividends
Assets
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Multiple Choice
Why is it important for a company to maintain an accurate record of its assets, liabilities, stockholders’ equity, revenues, expenses, and dividends?
To comply with government regulations
To create a record of the activities of a company
To increase the company’s profits
To reduce the number of employees
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Multiple Choice
Which type of business organization provides limited liability to its owners?
Corporation
Sole proprietorship
Partnership
All of the above
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Multiple Choice
The total resources of a company are referred to as:
Liabilities.
Revenues.
Assets.
Expenses.
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Open Ended
Explain the importance of assets for a company's future operations. Give examples of what can be considered assets.
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Multiple Choice
The amounts recorded when the company sells products or provides services to customers are referred to as:
Liabilities.
Revenues.
Assets.
Expenses.
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Open Ended
Describe the difference between assets and revenues using examples from a company's operations.
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Open Ended
Financial statements are periodic reports published by the company for the purpose of communicating a company’s business activities to those outside of the company. Name two primary financial statements and briefly describe their purpose.
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Multiple Choice
Which of the following is NOT a primary financial statement?
Income statement.
Statement of stockholders’ equity.
Statement of cash flows.
Statement of retained earnings.
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Multiple Choice
What does the income statement primarily compare to assess a company's ability to earn a profit?
Revenues and expenses
Assets and liabilities
Cash inflows and outflows
Dividends and retained earnings
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Fill in the Blanks
Stockholders’ Equity is equal to Common Stock plus
Type answer...
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Open Ended
Explain how net income is calculated and how it is used in the statement of stockholders’ equity.
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Multiple Select
Which of the following are considered expenses in the income statement for Eagle Soccer Academy?
Rent expense
Supplies expense
Dividends
Salaries expense
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Open Ended
Why is it incorrect to include dividends as an expense in the income statement, and how should dividends be reported instead?
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Multiple Choice
In the statement of stockholders’ equity, what is subtracted from net income to calculate the change in retained earnings?
Dividends
Expenses
Common stock
Revenue
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Open Ended
What questions do you still have about the framework for financial accounting or the role of accounting as a measurement/communication process?
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Open Ended
How does accounting function as both a measurement and a communication process in the context of financial accounting?
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