Accounting for Mdsg. Business
Quiz
•
Other
•
11th Grade
•
Medium
SHIELA CAAB
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30 questions
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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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