Fundamentals of Account Quiz 1

Fundamentals of Account Quiz 1

University

10 Qs

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Fundamentals of Account Quiz 1

Fundamentals of Account Quiz 1

Assessment

Quiz

Others

University

Practice Problem

Hard

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This business organization has a single owner called the proprietor who generally is also the manager.

Sole Propreitorship

Partnership

Corporation

Cooperative

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following processes best defines accounting?

Measuring economic activities

Communicating results to interested parties

Preventing fraud

Both a and b.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not one of the three types of business activities?

Investing

Marketing

Financing

Operating

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following processes is considered bookkeeping?

Analyzing

Recording

Reporting

Summarizing

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of business organization is owned by its stockholders?

Corporation

Partnership

Sole propreitorship

All of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which accounting concept should be considered fi the owner of a business takes goods from inventory for his personal use?

The substance over form concept

The accrual concept

The going concern concept

The business entity concept

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An activity carried out by a business to provide goods and

money is known as _____________?

Manufacturing

Trading

Buy and sell

Infrastructure

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