Accounting for Mdsg. Business

Accounting for Mdsg. Business

11th Grade

30 Qs

quiz-placeholder

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Accounting for Mdsg. Business

Accounting for Mdsg. Business

Assessment

Quiz

Other

11th Grade

Medium

Created by

SHIELA CAAB

Used 3+ times

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The financial statements be stated in terms of a common financial denominator.

Accrual

Going Concern

Time period

Stable monetary unit

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Debiting an asset account with a normal debit balance will result in

Neither an increase nor decrease in the asset account.

Either an increase or decrease in the asset account.

A decrease in the asset account.

An increase in the asset account

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The encompass the conventions, rules, and procedures necessary to define what is accepted accounting practice.

Accounting assumptions

Accounting concepts

Conceptual frameworks

GAAP

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This principle requires relevant information to form part of financial statements for decision-making purposes.

Objectivity

Materiality

Adequate disclosure

Accounting entity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not an expense account?

Prepaid expense

Taxes and licenses expense

Supplies expense

Wages expense

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following accounting concepts states that an accounting transaction should be supported by sufficient evidence to allow two or more qualified individuals to arrive at an essentially similar conclusion?

Matching

Objectivity

Periodicity

Stable monetary unit

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not an asset account?

Prepaid Rent

Account Receivable

Building

None of the above

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