Rutgers Introduction to Financial Accounting
Exam 1 (2026) 100%VERIFIED |complete
QUESTIONS AND ANSWERS | GRADED A+.
Save
Practice questions for this set
Learn 1 /7 Study with Learn
the economic life of a business can be divided into artificial time periods
Choose an answer
1 Three Basic Activities of Accounting 2 Time Period Assumption
Generally Accepted Accounting
3 Corporation 4
Principles (GAAP)
Don't know?
Terms in this set (58)
Three Basic Activities of Accounting identify, record, communicate
, Internal Users marketing, management, finance, human
resources
External Users investors and creditors
Ethics standards of conduct by which one's actions are
judged as right or wrong; fair or unfair; honest or
dishonest
Generally Accepted Accounting standards that are generally accepted and
Principles (GAAP) universally practiced
Historical Cost Principle dictates that companies record assets at their
cost
Fair Value Principle states that assets and liabilities should be
reported at fair value
Monetary Unit Assumption requires that companies include accounting
records only transaction data that can be
expressed in fair terms of money
Economic Entity Assumption requires that activities of the entity kept separate
and distinct from the other activities of its owner
and all other economic entities
Forms of Business Ownership proprietorship, partnership, corporation
Proprietorship owned by one person; owner receives all profits
and is responsible for all debts
Partnership owned by two or more persons; unlimited
personal liability; partnership agreement
Exam 1 (2026) 100%VERIFIED |complete
QUESTIONS AND ANSWERS | GRADED A+.
Save
Practice questions for this set
Learn 1 /7 Study with Learn
the economic life of a business can be divided into artificial time periods
Choose an answer
1 Three Basic Activities of Accounting 2 Time Period Assumption
Generally Accepted Accounting
3 Corporation 4
Principles (GAAP)
Don't know?
Terms in this set (58)
Three Basic Activities of Accounting identify, record, communicate
, Internal Users marketing, management, finance, human
resources
External Users investors and creditors
Ethics standards of conduct by which one's actions are
judged as right or wrong; fair or unfair; honest or
dishonest
Generally Accepted Accounting standards that are generally accepted and
Principles (GAAP) universally practiced
Historical Cost Principle dictates that companies record assets at their
cost
Fair Value Principle states that assets and liabilities should be
reported at fair value
Monetary Unit Assumption requires that companies include accounting
records only transaction data that can be
expressed in fair terms of money
Economic Entity Assumption requires that activities of the entity kept separate
and distinct from the other activities of its owner
and all other economic entities
Forms of Business Ownership proprietorship, partnership, corporation
Proprietorship owned by one person; owner receives all profits
and is responsible for all debts
Partnership owned by two or more persons; unlimited
personal liability; partnership agreement
