intro-accounting_final.doc
1. Accounting provides information to:
|
![image1.wmf]() managers.
|
|
![image2.wmf]() government.
|
|
![image3.wmf]() investors.
|
|
![image4.wmf]() All of the above.
|
2. Which is an advantage of a sole proprietorship form of business?
|
![image5.wmf]() There is limited personal risk.
|
|
![image6.wmf]() The business can continue indefinitely.
|
|
![image7.wmf]() The owner makes all the decisions.
|
|
![image8.wmf]() All of the above.
|
3. If total assets are $35,000 and total liabilities are $8,000, Capital must equal:
4. Revenue, expenses, and withdrawals are subdivisions of:
|
![image13.wmf]() assets.
|
|
![image14.wmf]() liabilities.
|
|
![image15.wmf]() owner's equity.
|
|
![image16.wmf]() All of the above.
|
5. A formal account that has columns for date, explanation, post reference, debit, and credit is called the:
|
![image17.wmf]() T account.
|
|
![image18.wmf]() standard account form.
|
|
![image19.wmf]() ledger.
|
|
![image20.wmf]() chart of accounts.
|
6. An account that would be decreased by a credit is:
|
![image21.wmf]() cash.
|
|
![image22.wmf]() fees earned.
|
|
![image23.wmf]() capital.
|
|
![image24.wmf]() accounts payable
|
7. The time period for which a statement of owner's equity is prepared is a(n):
|
![image25.wmf]() calendar year.
|
|
![image26.wmf]() accounting period.
|
|
![image27.wmf]() fiscal period.
|
|
![image28.wmf]() accounting cycle.
|
8. Financial statements that are prepared for a period shorter than a year are called:
|
![image29.wmf]() accounting period statements.
|
|
![image30.wmf]() fiscal year statements.
|
|
![image31.wmf]() interim statements.
|
|
![image32.wmf]() journal statements.
9. How are explanations distinguished in the journal?
![image33.wmf]() They are underlined.
![image34.wmf]() They are in bold print.
![image35.wmf]() They are indented below the credit entries.
![image36.wmf]() They are written at the margin, in line with the debit entries.
10. Prepaid Rent is considered to be a(n):
![image37.wmf]() liability.
![image38.wmf]() asset.
![image39.wmf]() contra-asset.
![image40.wmf]() revenue.
|
_1461516730.unknown
_1461518023.unknown
_1461518027.unknown
_1461518029.unknown
_1461518030.unknown
_1461518028.unknown
_1461518025.unknown
_1461518026.unknown
_1461518024.unknown
_1461516852.unknown
_1461518019.unknown
_1461518021.unknown
_1461518022.unknown
_1461518020.unknown
_1461518017.unknown
_1461518018.unknown
_1461518015.unknown
_1461518016.unknown
_1461516853.unknown
_1461516791.unknown
_1461516850.unknown
_1461516851.unknown
_1461516792.unknown
_1461516789.unknown
_1461516790.unknown
_1461516731.unknown
_1461515464.unknown
_1461515535.unknown
_1461516727.unknown
_1461516729.unknown
_1461515536.unknown
_1461515533.unknown
_1461515534.unknown
_1461515465.unknown
_1461515339.unknown
_1461515462.unknown
_1461515463.unknown
_1461515340.unknown
_1461515338.unknown
_1461515336.unknown
latifsd
