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ABM Chapter 1 and 2 Review

Authored by Charisse Dumoran

Business

11th Grade

Used 18+ times

ABM Chapter 1 and 2 Review
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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The financial statement which shows the financial condition of the company.

Statement of Comprehensive Income

Statement of Changes in Owner's Equity

Statement of Financial Position

Cash Flow Statement

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Bonds Payable is classified as

Current Liabilities

Non-current Assets

Current Assets

Non-current Liabilities

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Users of financial information who are inside the reporting entity and are directly involved in managing the company's daily operations.

Secondary Users

Tertiary Users

Primary Users

None of the choices

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The assets of the business are recorded at purchase prices regardless of their market values. What accounting principle is this?

Objectivity

Periodicity

Historical Cost

Adequate Disclosure

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A completed action which can be expressed in monetary terms.

Transaction

Non-economic Event

Business Activities

Contract

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A twelve-month period that starts on any month of the year other than January and ends twelve months after the starting period.

Calendar Year

Operational Year

Natural Business Year

Fiscal Year

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An accounting principle which states that income should be recognized at the time it is earned such as when goods are delivered or when services have been rendered.

Accrual Principle

Consistency

Materiality

Going Concern

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