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ACC 101 Quiz 1

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Question 1

 

a.Sales tickets.

  1. b.  Ledgers.

c.Checks.

  1. d.  Purchase orders.
  2. e.  Bank statements.

 

Question 2

 

Owner financing refers to resources contributed by creditors or lenders. Select one:

True False

 

Question 3

 

Regulators often have legal authority over certain activities of organizations. Select one:

True False

 

 

Question 4

 

Rules adopted by the accounting profession as guides in measuring, recording, and reporting the financial condition and activities of a business:

Select one:

a.Are comprised of both general and specific principles.

  1. b.  Are known as generally accepted accounting principles.

c.Are abbreviated as GAAP.

  1. d.  Arise from both long-used practices and from rulings of authoritative groups.
    1. e.  All of these.

 

Question 5

 

Internal users include lenders, shareholders, brokers and managers. Select one:

True False

 Question 6

 

A sales invoice: Select one:

a.Is a type of source document.

  1. b.  Is used by sellers to record the sale.

c.Is used by buyers to record purchases.

  1. d.  Gives rise to an entry in the accounting process.
    1. e.  All of these.

 

 

Question 7

 

The business entity principle means that a business is accounted for separately from other business entities, including its owner or owners.

Select one: True False

 

 Question 8

 

The major activities of a business include: Select one:

a.Operating.

  1. b.  Financing.

c.Investing.

  1. d.  All of these.

 

Question 9

 

Understanding generally accepted accounting principles is not necessary to use and interpret financial statements.

Select one: True False

 

 Question 10

 

Objectivity means that financial information is supported by independent unbiased evidence.

Select one: True False

 

 Question 11

 

Objectivity means that financial information is supported by independent unbiased evidence.

Select one: True False

 

Question 12

 

Assets = Liabilities + Equity is known as the: Select one:

a.Income statement equation.

  1. b.  Cost principle.

c.Objectivity principle.

  1. d.  Accounting equation.
    1. e.  Transaction principle.

 

Question 13

 

An account used to record the owner's investments in the business is called a(n): Select one:

a.Withdrawals account.

  1. b.  Capital account.

c.Revenue account.

  1. d.  Expense account.
  2. e.  Liability account.

 

Question 14

 

An accountant has debited an account for $3,500 and credited a liability account for $2,000. Which of the following would be an incorrect way to complete the recording of this transaction:

Select one:

a.Credit another asset account for $1,500.

  1. b.  Credit another liability account for $1,500.

c.Credit an expense account for $1,500.

  1. d.  Credit the owner's capital account for $1,500.
  2. e.  Debit another asset account for $1,500.

 

Question 15

 

If a parcel of land that was originally acquired for $85,000 is offered for sale at

$150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000, the land should be recorded in the purchaser's books at:

Select one: a. $95,000. b. $137,000. c. $138,500. d. $140,000. e. $150,000.

 Question 16

 

The monetary unit assumption means that all international transactions must be expressed in dollars.

Select one: True False

 Question 17

 

An exchange of value between two entities is called: Select one:

a.The accounting equation.

  1. b.  Recordkeeping or bookkeeping.

c.A business transaction.

  1. d.  An asset.
    1. e.  Net Income.

 

Question 18

 

The statement of cash flows reports on cash flows for: Select one:

a.Operating activities.

  1. b.  Investing activities.

c.Financing activities.

  1. d.  Planning activities.
    1. e.  A, B and C only.

 

Question 19

 

Flash has beginning equity of $257,000, net income of $51,000, withdrawals of

$40,000 and investments by owners of $6,000. Its ending equity is: Select one:

a. $223,000. b. $240,000. c. $268,000. d. $274,000. e. $208,000.

 Question 20

 

A ledger is: Select one:

a.A record containing increases and decreases in a specific asset, liability, equity, revenue, or expense item.

  1. b.  A journal in which transactions are first recorded.

c.A collection of documents that describe transactions and events entering the accounting process.

  1. d.  A list of all accounts with their debit balances at a point in time.
    1. e.  A record containing all accounts and their balances used by a company.


Question 21

 

The Financial Accounting Standards Board is the private group that sets both broad and specific accounting principles.

Select one: True False

 Question 22

 

The statement of cash flows reports on cash flows separated into operating, investing, and financing activities over a period of time.

Select one: True False

 

Question 23

 

A liability created by the receipt of cash from customers in payment for products or services that have not yet been delivered to the customers is:

Select one:

a.Recorded as a debit to an unearned revenue account.

  1. b.  Recorded as a debit to a prepaid expense account.

c.Recorded as a credit to an unearned revenue account.

  1. d.  Recorded as a credit to a prepaid expense account.
  2. e.  Not recorded in the accounting records until the earnings process is complete.

 

 

Question 24

 

From an accounting perspective, an event is a happening that affects an entity's accounting equation, but cannot be measured.

Select one: True False

 

 Question 25

 

A balance sheet covers a period of time such as a month or year. Select one:

True False

 

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