
Chapter 1: Accounting in Action

Quiz
•
Business
•
University
•
Medium
Khôi Nguyễn
Used 140+ times
FREE Resource
35 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following is not a step in the accounting
process?
Identification.
Economic entity
Communication.
Recording
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following statements about users of
accounting information is incorrect?
Management is an internal user.
Taxing authorities are external users.
Present creditors are external users.
Regulatory authorities are internal users
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The historical cost principle states that:
assets should be initially recorded at cost and adjusted when the fair value changes.
activities of an entity are to be kept separate and
distinct from its owner.
assets should be recorded at their cost.
only transaction data capable of being expressed
in terms of money be included in the accounting
records.
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following statements about basic assumptions is correct?
Basic assumptions are the same as accounting
principles.
The economic entity assumption states that there
should be a particular unit of accountability.
The monetary unit assumption enables accounting to measure employee morale.
Partnerships are not economic entities
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The three types of business entities are:
proprietorships, small businesses, and partnerships.
proprietorships, partnerships, and corporations.
proprietorships, partnerships, and large businesses
financial, manufacturing, and service companies.
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Net income will result during a time period when:
assets exceed liabilities.
assets exceed revenues.
expenses exceed revenues.
revenues exceed expenses
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
As of December 31, 2017, Kent Company has assets of
$3,500 and owner’s equity of $2,000. What are the liabilities for Kent Company as of December 31, 2017?
$1,500
$1,000
$2,500
$2,000
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