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Week 4 Review - Chapter 1

Authored by Nicole Chuchmach

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Professional Development

Used 2+ times

Week 4 Review - Chapter 1
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9 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounting principles and concepts are broad rules developed to create a common language used by accountants.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business owner’s personal assets should be included with the assets of the business entity.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The full-disclosure principle states that all accounting records should be available at any time to anyone who wants to look at them.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accrual accounting is based on the principle of matching sales revenue with expenses.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Changing depreciation methods from one period to the next would not conform to the principle of consistency.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Double-entry-accrual accounting ensures the balance sheet equation is always kept in balance, as long as no errors are made in recording and posting transactions.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The cost principle is concerned with recording items in the accounting record at their actual cost

True

False

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