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ACC I Unit 1

Authored by Andrea Layton

Business

9th - 12th Grade

Used 19+ times

ACC I Unit 1
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The standards, conventions, and rules that accountants follow to prepare financial reports are known as:

generally accepted accounting principles

accounting and audit procedures

management accounting

executive accounting

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term refers to the owner having full responsibility for company debts and obligations?

limited liability

stock obligation

unlimited liability

taxation obligation

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The accounting assumption that a business is expected to survive and operate indefinitely is called a:

business entity

capital concern

charter entity

going concern

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which type of business ownership structure does each owner in the group risk losing his/her personal property even though responsibilities are shared?

limited liability company

sole proprietorship

partnership

corporation

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of business buys raw materials and transforms them into finished products?

entrepreneurial

manufacturing

merchandising

service

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the common term for a retirement savings plan sponsored by employers that will allow workers to save and invest from their paychecks before taxes?

401(k) savings plan

certificate of deposit

529 savings plan

stock fund

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for a financial reporting period of time beginning on January 1 and ending on December 31?

accounting cycle

calendar year

budget year

audit cycle

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