Accounting - Chapter 1 Review

Accounting - Chapter 1 Review

10th - 12th Grade

56 Qs

quiz-placeholder

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Accounting - Chapter 1 Review

Accounting - Chapter 1 Review

Assessment

Quiz

Business

10th - 12th Grade

Medium

Created by

Dusti Burrows

Used 2+ times

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56 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Accounting is an information and measurement system that does all of the following except:

B) Records business activities.
C) Communicates business activities.
D) Eliminates the need for interpreting financial data.
E) Helps people make better decisions.

2.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Technology:

B) Has not improved the clerical accuracy of accounting.
C) Reduces the time, effort and cost of recordkeeping.
D) In accounting has replaced the need for decision makers.
E) In accounting is only available to large corporations.

3.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

The primary objective of financial accounting is to:

B) Provide accounting information that serves external users.
C) Monitor and control company activities.
D) Provide information on both the costs and benefits of looking after products and services.
E) Know what, when, and how much product to produce.

4.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

The area of accounting aimed at serving the decision making needs of internal users is:

B) Managerial accounting.
C) External auditing.
D) SEC reporting.
E) Bookkeeping.

5.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

External users of accounting information include all of the following except:

B) Customers.
C) Purchasing managers.
D) Government regulators.
E) Creditors.

6.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

A corporation is:

B) Controlled by the FASB.
C) Not responsible for its own acts and own debts.
D) The same as a limited liability partnership.
E) Not subject to double taxation.

7.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

A limited partnership:

B) Is subject to double taxation.
C) Has owners called stockholders.
D) Is the same as a corporation.
E) May only have two partners

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