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Financial Accounting 1 - Chapter 1

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Complete this game to test your knowledge of chapter 1.

Created Date 08.24.21
Last Updated 08.25.21
Viewed 9 Times
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Topics of this game:
  • A merchandising business buys products from other businesses to sell to customers.
  • Managerial accounting information is used by external and internal users equally.
  • Proper ethical conduct implies that you only consider what's in your best interest.
  • Financial accounting reports are relevant only to users within the business.
  • An example of an external user of accounting information is the federal government.
  • Proprietorships are owned by one owner and provide only services to their customers.
  • The cost concept is the basis for entering the purchase price into the accounting records.
  • The financial statements of a proprietorship should include the owner's personal assets and liabilities.
  • The accounting equation can be expressed as Assets - Liabilities = Owner's Equity.
  • An account receivable is typically classified as a revenue.