Accounting I Unit 1 Review

Accounting I Unit 1 Review

19 Qs

quiz-placeholder

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Accounting I Unit 1 Review

Accounting I Unit 1 Review

Assessment

Quiz

others

Medium

Created by

BRENDA MONROE

Used 2+ times

FREE Resource

19 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The purpose of accounting is to provide financial information about a business to individuals and organizations.
True
False

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A partnership is owned by stockholders or shareholders.
True
False

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A business that makes a product to sell is called a manufacturing business.
true
false

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The six major steps of the accounting process are analyzing, recording, classifying, summarizing, reporting, and interpreting.
true
false

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Generally accepted accounting principles are procedures and guidelines to be followed in the accounting/reporting process.
true
false

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The Financial Accounting Standards Board develops generally accepted accounting principles to provide some assurance that companies are reporting business activities in a similar manner.
true
false

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Stockholders may have very little influence on business decisions.
true
false

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