Accounting Professions
Must pass a national test to become a?
Certified Public Accountant (CPA)
Sole proprietorships and partnerships can often turn into ______________.
How would you classfiy the business Scheels?
Merchandising
Financial accounting is for people thinking of investing money in a business.
True
What type of business is Home Depot?
Corporation
Because this career requires specific experience and education they are usually the highest paying.
Certified Public Accountant (CPA)
T/F: Service Businesses are not intended to operate at a profit.
False
How would you classify the business St. Lukes Hospital?
Service
All businesses are merchandising businesses because they all sell a product.
False
What type of business is Marv's Small Engine Repair?
Sole Proprietorship
Entry-level accounting position that is usually trained?
Accounting Clerk
Which of the following would not be considered a service business?
Alamo Rent-a-Car
General Motors
Vantus Bank
Delta Air Lines
General Motors
How would you classify the busniess Hertz Rent-A-Car?
Service
One disadvantage of owning your own business is that any financial gain from operating the business is yours.
False
__________ is a way to communicate financial information in a form understood by those interested in the operations and financial condition of the business.
GAAP
Performs one or two accounting tasks?
Accounting Clerk
What form of business organization is the easiest to start up?
Sole Proprietorship
How would you classify the business Tyson Foods?
Manufacturing
Basic accounting procedures and rules differ form business to business.
False
What is a person called who seeks opportunities that other people do nto seem to care about?
Entrepreneur
Handles a broad range of responsibilties like preparing and interpreting financial reports?
Accountant
Often formed when the need for capital is greater than one person can invest.
Partnership
Merchandising
A business entity is separate from its owners and the records of the business are kept separate from the owner's personal records.
True
The assumption that requires accounting reports to be prepared for a specific period of time is?
Accounting period