ACC I Unit 1

ACC I Unit 1

9th - 12th Grade

10 Qs

quiz-placeholder

Similar activities

BA10 2.01

BA10 2.01

9th - 12th Grade

10 Qs

Accounting Principles & Accounting Equation

Accounting Principles & Accounting Equation

11th Grade - University

11 Qs

Accounting 1.02

Accounting 1.02

9th - 12th Grade

8 Qs

Basic Accounting

Basic Accounting

1st - 10th Grade

10 Qs

Accounting Basics

Accounting Basics

9th - 12th Grade

15 Qs

OCR 1-9 Business 1.3 - Ownership Structure

OCR 1-9 Business 1.3 - Ownership Structure

10th - 11th Grade

12 Qs

Sole Proprietorship

Sole Proprietorship

11th - 12th Grade

7 Qs

Sole- Proprietorship

Sole- Proprietorship

9th - 11th Grade

10 Qs

ACC I Unit 1

ACC I Unit 1

Assessment

Quiz

Business

9th - 12th Grade

Medium

Created by

Andrea Layton

Used 18+ times

FREE Resource

10 questions

Show all answers

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

Create a free account and access millions of resources

Create resources
Host any resource
Get auto-graded reports
or continue with
Microsoft
Apple
Others
By signing up, you agree to our Terms of Service & Privacy Policy
Already have an account?