accounting and achieving academic excellence

1 A CORPORATION:

A. Has limited risk to stockholders.

B. Is owned by stockholders

C. Can continue indefinitely

D. All of above

2. Mark paid $800 cash to partially reduce the amount owed for equipment that was previously bought on account. This transaction would:

A. decrease assets and increase liabilities.

B. Increase assets and decrease liabilities

C. Increase both assets and liabilities

D. Decrease both assets and liabilities.

3. Which account are affected when the owner withdraw cash from business?

A. Assets and Withdrawals

B. Assets and Liabilities

C. Liabilities and Capital

D. None of the above

4. Which of the following is not a financial Statement?

A- Balance Sheet

B. Statement of owner’s equity

C. Trial balance

D. Income Statement.

5. The trial Balance lists the accounts:

A. All credits first and then debits.

B- In the same order as in the ledger.

C- All debits first and then credits.

D- Alphabet

6- Which of the following is not a type of business organization?

a- Corporation

b- Operation

c- Sole Proprietorship

d- Partnership

7- The Sarbanes-Oxley Act was passed to:

a- Prevent fraud at public companies

b- Replace all of the old accounting procedures with new ones.

c- Improve the accuracy of the company’s financial reporting

d- Both A and C

8-What would affect on account if the business received a telephone bill but did not pay it immediately?

a. An expense would be debited and liability credited

b. An expense would be debited and an asset credited

c. Capital would be debited and revenue credited

d. An asset would be debited and Capital credited.

9- The adjustment for accrued wages included the entire pay period. Some of which occurs next month. This Would.

a. Understate the liabilities

b. Overstate net income

c. Overstate the liabilities

d. None of the above

1- Intelligence is measured by:

a- An IQ test

b- An EIQ test

c- Multiple intelligence test

d- Multiple ways.

2- Excelling at taking tests depends on:

a. Knowing the “ what” and “how” of test taking

b. The amount of hours spent studying

c. Reviewing all the materials covered in the course

d. How well retested you are before the test

3- Research is:

a. Only an academic skill

b. Self-intuitive

c. Something anybody can do with internet

d. A system inquiry of knowledge

4-According to experts , reading comprehension is greatly aided by:

a. Reading dense materials

b. Using reading system that works for you

c. Taking lots of notes

d. Reading all the time

4- To write well is to:

A. use impressive vocabulary

B. Express thoughts and ideas completely and concisely

C. Use particular style of writing

D. Research your material

5-Critical thinking involves:

A .Knowing the art of critique

B. Understanding Knowledge

C. a thought process that is logical , rational, and systematic

D. coming up with the best solutions.

6- Which do you think is the most proven way people, in general, learn?

a. What we read

b. What we see

c. What we hear

d. What we do and experience

7- To become a successful online learner is to:

a. Be technically and computer savvy

b. Be a good communicator and writer

c. Be commit ted

d. Learn and apply what it takes to be one

8- To focus on your most important goal is to:

a. Be smart

b. Be committed

c. Prioritize your goals

d. Set a goal.