FIN 571 Course Great Wisdom / tutorialrank.com FIN 571 Course Great Wisdom / tutorialrank.com | Page 19

5. If the bank returns $50 on a $1,000 deposit after one year, what is
the interest rate earned on this deposit?
10. Accounting Concepts
This lesson will help you refresh the basic accounting concepts.
1. ________ are items owed to a creditor. ________ are items owned
by a company. ________ represents owners' claims to company
resources.
2. Under ________ accounting, revenues are recorded when earned
and expenses are recorded with related revenues. Under ________
accounting, revenues are recorded when cash is received and
expenses are recorded when cash is paid out. Financial statements are
prepared using ________ accounting.
3. The ________ retains the power and authority to set accounting
standards. Currently, this responsibility has been delegated to
the________.
4. In what order are the four primary financial statements prepared?
5. The difference between net income and dividends paid is known as
what?
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FIN 571 Week 1 Connect Problems (Week 1 Problem Set)

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