Financial Accounting Word Scramble
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| Term | Definition |
| a debt that can reasonably be expected to be paid within one year or the operating cycle, whichever is longer. | A current liability |
| The entry to record the issuance of an interest-bearing note | credits Notes Payable for the note's face value. |
| A note payable is in the form of | a written promissory note. |
| Sales taxes collected by a retailer are recorded by | crediting Sales Taxes Payable. |
| Sales taxes collected by a retailer are | expenses of the customers |
| Employee payroll deductions include each of the following except | federal unemployment taxes |
| Which one of the following payroll taxes does not result in a payroll tax expense for the employer? | Federal income tax. |
| Which one of the following would not be considered an advantage of the corporate form of organization? | Government regulation. |
| The two ways that a corporation can be classified by purpose are | profit and not-for-profit. |
| Jason Thomas has invested $200,000 in a privately held family corporation. | The corporation does not do well and must declare bankruptcy. |
| The primary purpose of the statement of cash flows is to | provide information about the cash receipts and cash payments during a period |
| Financing activities involve | issuing debt. |
| Investing activities include | collecting cash on loans made |
| Cash receipts from interest and dividends are classified as | operating activities. |
| The contractual interest rate is always stated as a (n) | annual rate. |
| Bonds that mature at a single specified future date are called | term bonds. |
| The two ways that a corporation can be classified by ownership are | publicly held and privately held |
| A legal document which summarizes the rights and privileges of bondholders as well as the obligations and commitments of the issuing company is called a | bond indenture |
| The dominant form of business organization in the United States in terms of dollar sales volume, earnings, and employees is the | corporation. |
| Stockholders of a corporation directly elect the | board of directors |
| The chief accounting officer in a company is known as the | controller |
| A factor which distinguishes the corporate form of organization from a sole proprietorship or partnership is that | a corporation is subject to more federal and state government regulations |
| What amount does T Thomas stand to lose? | Up to his total investment of $200,000. |
| Which of the following statements is not considered a disadvantage of the corporate form of organization? | Limited liability of stockholders. |
| The par value of a stock is | legally significant |
| The statement of cash flows summarizes | the operating, financing, and investing activities of an entity. |
Created by:
haleybergeron
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