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2.Which of the following financial statements would tell a banker how much the business already owes?

• Balance sheet.
• Statement of cash flows.
• Income statement.
• Statement of owners’ equity.

3.The accounting cycle is a series of steps for the collection, processing, and reporting of financial transactions. What is the final step in the accounting cycle?

• Adjusted trial balance.
• Close accounts.
• Prepare the financial statements.
• Post-closing trial balance.

4.The Financial Accounting Standards Board (FASB) sets and reviews _____?

• Global accounting standards.
• Executive pay amounts.
• Which exchange a stock is listed on.
• Generally accepted accounting principles.

5.What does a business use GAAP for?

• To calculate its stock price.
• To prepare its financial statements.
• To determine how much the owner will make.
• To calculate its taxes.