Answer Happy

1. The area of accounting that is concerned with providing information for extemal users is referred to as 1. Government accounting b. Financial accounting c. Managerial accounting d. Profit accounting 2. Which of the following is NOT an accounting transaction? a. Receiving a down payment for work not yet done b. Taking a loan from a bank a c. Bidding on a large contract d. Purchase of an advertisement 3 a Owners of a corporation are referred to as its Debtors b. Partners c. Stockholders d. Directors 4. Recording depreciation expense is an example of a(n) a Closing entry b. Adjusting entry c. Reversing entry d. Trial entry 5. 6. Closing entries a. Zero out all balance sheet accounts at the end of the period. b. Zero out all nominal accounts at the end of the period. c. Are not part of the accounting cycle. d. Are done before adjusting entries for the period are made. A corporation begins the year with assets of $150,000 and liabilities of $100,000. At the end of the year, it has assets of $165,000 and liabilities of $90.000. Assuming no additional investment or dividends, what was the corporation's net income for the year? a. $75,000 b. $55,000 c. $25,000 d. None of the above. 7 Which statement below best describes the basic purpose of financial accounting? a. To determine the taxable income of individuals and business entities. b. To develop the types of information best suited to specific managerial decisions. c. To record the financial transactions of an economic entity. d. To provide financial information about an organization for financial statement users.