1. Introduction to Accounting

Which of the following types of entities are subject to limited liability?

Under which type of accounting would the proceeds from a whole life insurance policy, paid out upon the death of the owner-insured at age 80, most likely be recorded and reported for a business entity?

Which type of accounting is primarily responsible for recording and reporting transactions such as a policy loan taken by a life insurance policyowner against the cash value of their policy?

Which of the following best defines financial capital as used in the financial industry?

Which of the following statements about using a debit card linked to your checking account for regular spending is correct?

Which of the following is a finance function that typically falls under the supervision of the treasurer?

Which financial report is most effective in evaluating the performance of profit centers?

Which of the following types of accounts normally have a credit balance?

Which type of financial ratio can reveal that a company is relying too much on borrowed money?

Which of the following types of interest fluctuates over time as the market interest rates change?

Which of the following is a type of accounting primarily concerned with providing information to external users such as investors and creditors?

When entering into a new partnership, a good strategy is to:

Which of the following is the most appropriate allocation base for assigning factory rent (an indirect expense) to products in a manufacturing company?

In financial accounting, a down payment is an upfront payment of what to make a purchase?

All business risks can be categorized as either: