accounting quiz

psc4751993

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An advantage of the corporate form of business is that

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its owner’s personal resources are at stake.

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its ownership is easily transferable via the sale of shares of stock.

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it is simple to establish.

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it has limited life.

Which of the following is the best definition of an internal user of accounting information?

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Managers who use accounting information to plan, organize, and run a business.

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Labor unions who use accounting information to examine the ability of the company to pay increased wages and benefits.

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Investors who use accounting information to decide whether to buy or sell stock.

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Creditors like banks that use accounting information to evaluate the risk of lending money.

Which of the following is the most appropriate and modern definition of accounting?

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The information system that identifies, records, and communicates the economic events of an organization to interested users.

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A means of collecting information.

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Electronic collection, organization, and communication of vast amounts of information.

[removed]	The interconnected network of subsystems necessary to operate a business.

The common characteristic possessed by all assets is

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great monetary value.

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tangible nature.

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future economic benefit.

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long life.

The cost of assets consumed or services used is also known as

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an expense.

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a revenue.

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a liability.

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an asset.

Debts and obligations of a business are referred to as

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assets.

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equities.

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liabilities.

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expenses.

Ending retained earnings for a period is equal to beginning

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Retained earnings + Net income – Dividends.

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Retained earnings – Net income – Dividends.

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Retained earnings + Net income + Dividends.

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Retained earnings – Net income + Dividends.

In a classified balance sheet, assets are usually classified as

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current assets; long-term investments; tangible assets; and intangible assets.

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current assets; long-term investments; property, plant, and equipment; and intangible assets.

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current assets; long-term assets; property, plant, and equipment; and intangible assets.

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current assets; long-term investments; property, plant, and equipment; and common stocks.

Multiple Choice Question 58

A current asset is

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usually found as a separate classification in the income statement.

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expected to be converted to cash or used in the business within a relatively short period of time.

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the last asset purchased by a business.

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an asset which is currently being used to produce a product or service.

Multiple Choice Question 63

Liabilities are generally classified on a balance sheet as

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current liabilities and long-term liabilities.

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present liabilities and future liabilities.

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tangible liabilities and intangible liabilities.

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small liabilities and large liabilities.

Ratios that measure the income or operating success of a company for a given period of time are

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trending ratios.

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liquidity ratios.

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profitability ratios.

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solvency ratios.

The relationship between current assets and current liabilities is important in evaluating a company's

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liquidity.

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market value.

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solvency.

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profitability.

ultiple Choice Question 147

Generally accepted accounting principles

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have eliminated all errors in accounting.

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are sound in theory but rarely used in real life.

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are accounting rules that are recognized as a general guide for financial reporting.

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are accounting rules formulated by the Internal Revenue Service.

Multiple Choice Question 148

The agency of the United States Government that oversees the U.S. financial markets is the

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Internal Revenue Service.

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International Auditing Standards Committee.

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Security Exchange Commission.

[removed]	Financial Accounting Standards Board.

Multiple Choice Question 189

Valuing assets at their fair value rather than at their cost is inconsistent with the

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full disclosure principle.

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economic entity assumption.

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historical cost principle.

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periodicity assumption.

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