Financial Accounting 1 - Chapter 1
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Complete this game to test your knowledge of chapter 1.
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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.
