Financial Accounting 1 - Quiz 1
Authored by Hermita Arif
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University
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20 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which financial statement displays the revenues and expenses of a company for a period of time?
INCOME STATEMENT
BALANCE SHEET
CASH FLOW STATEMENT
STATEMENT OF STOCKHOLDER’S EQU
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the main purpose of financial accounting?
ORGANIZE FINANCIAL INFORMATION
PROVIDE USEFUL, FINANCIAL INFORMATION TO OUTSIDERS
KEEP TRACK OF COMPANY EXPENSES
MINIMIZE COMPANY TAXES
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of these is not included as a separate item in the basic accounting equation?
ASSETS
REVENUES
LIABILITIES
STOCKHOLDER’S EQUITY
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The account format that displays debits, credits, balances, and headings.
GENERAL JOURNAL
GENERAL LEDGER
T-ACCOUNT
LEDGER ACCOUNT
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which account increases equity?
EXPENSES
WITHDRAWALS
TREASURY STOCK
REVENUES
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which principle/guideline requires the company's financial statements to have footnotes containing information that is important to users of the financial statements?
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
All properties and services acquired by the business must be recorded at their original acquisition cost. This principle pertains to..
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