Cuestionario de Contabilidad

What is accounting?

• The management of employees in a company

• The recording and organization of financial transactions

• The evaluation of customer satisfaction

• The planning of marketing

What is the main difference between accounting and bookkeeping?

• Accounting only focuses on taxes

• Bookkeeping is responsible for interpreting and analyzing financial data

• Accounting is responsible for conducting external audits

• Both are exactly the same

Which of the following is not a fundamental principle of accounting?

• Consistency

• Relevance

• Creativity

• Reliability

How do the accrual and cash accounting methods differ?

• In the accrual method, revenues and expenses are recorded when they occur, while in the cash method, they are recorded when money is received or paid

• The accrual method is only used by small businesses

• The cash method provides a more accurate view of the financial situation

• Both methods record revenues and expenses at the same time

Which of the following is an example of an asset in accounting?

• Wages payable

• Debt to suppliers

• Accounts receivable

• Bank loans

What is the fundamental equation of accounting?

• Assets = Liabilities + Equity

• Liabilities = Assets - Expenses

• Income = Expenses + Liabilities

• Assets = Capital - Debts

In the cash accounting method, when is a payment to a supplier recorded?

• When the invoice is received

• When the money is paid

• When the supplier delivers the product

• When the order is recorded

Explain the difference between assets and liabilities in accounting.

A businessman bought products on May 10 for $2,000 with payment due in 30 days. He sold the products for $3,500 on May 15, but did not receive payment until June 5. How would these transactions be recorded under cash and accrual accounting methods?

A business has the following data: Assets: $120,000 Liabilities: $50,000 What is its equity according to the accounting equation?