Quizzes for Chapters 1&2

Quizzes for Chapters 1&2

10 Qs

quiz-placeholder

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Quizzes for Chapters 1&2

Quizzes for Chapters 1&2

Assessment

Quiz

others

Easy

Created by

Y Z

Used 1+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1. Which one of the following is usually viewed as an equity-oriented stakeholder?
Banks
Tax authority
Investors

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2. Which accounting standard is widely used in Europe?
Local GAAP
US GAAP
IFRS

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

3. "Employees only get salaries, therefore they are not the users of corporate financial statements". Is this true or false?
True
False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

4. Income statements inform about
equity
liabilities
expenses

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

5. Statements of changes of equities inform about
Property, plant, and equipment
Accounts payable
Dividends

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

6. "A debit is an entry made to the right side of an account and always increases an account balance", is it true or false?
True
False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

7. If a firm purchases inventory on account, it
Debits cash
Credits cash
Debits accounts payable
Credits accounts payable

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