The standards, conventions, and rules that accountants follow to prepare financial reports are known as:
ACC I Unit 1

Quiz
•
Business
•
9th - 12th Grade
•
Medium
Andrea Layton
Used 18+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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