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chapter 1
Welcome to the World
of Accounting
goals discussion
goals achievement fill
in the blanks
multiple
choice
problems
check list and key terms
1. is a set of concepts and techniques that are used to measure and report financial information about an economic unit.
2. accounting involves reporting results of operating activity to administrators within an organization.
3. The private sector agency that currently oversees external financial reporting is the .
4. Public accounting firms perform numerous services including , , and .
5. The shortened form of the accounting equation is equals plus .
6. The objectivity principle holds that accounting valuations be and .
7. is the excess of a company's revenues over expenses for a given time period.
8. The four primary financial statements are the , , , and
9. appears in both the income statement and the statement of retained earnings.