Question: The ___ measures the cost of merchandise the firm sells or the cost of raw materials and supplies it used in producing items for resale.

Answer: Cost of goods sold

Question: Cash receipts and disbursements related to operations, investments and financing are reported to the

Answer:

Question: operations, ___ financing

Answer: investments

Question: the ____ ____ is the yearly statement of the firms financial condition, progress, and expectations provided to stakeholders

Answer: Annual report

Question: Which of the following are considered disciplines within the accounting profession

Answer: Tax, managerial, financial accounting

Question: Accounting provides ____ statements that are critical to understanding the health of a business

Answer: financial

Question: Accounting is for ____ and profit organizations as well

Answer: non-profit

Question: Financial ___ include buying and selling goods

Answer: transactions

Question: (T/F) The financial accounting standards board defines the generally accepted accounting principles that accountants must follow

Answer: True

Question: The debt a firm owes to others is called

Answer: liability