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Basic Accounting Principles (icev)

Authored by B Morgan

Business

9th - 12th Grade

Used 70+ times

Basic Accounting Principles (icev)
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10 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Income statements are used to help determine __________.

An accountant’s capabilities

Credit limits

Employee pay

Prices of goods and/or services

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

How many steps are in the business operating cycle?

5

9

12

18

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Accounting is simply the process used to figure out how much money a business made during a certain time period.

True

False

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What are the accounting rules used to prepare, present and report financial statements called?

Financial Account Management Techniques

Financial Accounting Standards

Generally Accepted Accounting Principles

Standard Business Financial Practices

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The Financial Accounting Standards Board is the government agency regulating the accounting industry.

True

False

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

How often should a business calculate profitability and review financial statements?

Weekly

Monthly

Quarterly

Annually

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

__________ are items of value your company owns.

Assets

Liabilities

Profits

Revenues

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