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Accounting I Mid-Term Review

Authored by Ty Lovette

Business

9th - 12th Grade

Used 3+ times

Accounting I Mid-Term Review
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15 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 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

2 mins • 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

2 mins • 1 pt

Which type of business buys raw materials and transforms them into finished products?

entrepreneurial

manufacturing

merchandising

service

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Harley's Hog BBQ owns and operates several barbecue restaurants. In 20XX, Harley, the owner, took out a loan for his business in the amount of $100,000. The loan will be completely paid off within 6 months. When preparing the financial statements of the business, Harley opted not to list the loan because it was so close to maturity. Which principle did Harley's Hog BBQ violate?

cost principle

full disclosure principle

revenue recognition principle

matching principle

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Mary is preparing a Balance Sheet. When she completes the Owner's Equity Section, what should the end result represent?

The Total Assets are less than the Owner's Equity.

The Total Assets plus Total Liabilities Owner's Equity.

The Total Assets should equal Total Liabilities plus Owner's Equity.

The Total Assets should equal Total Liabilities minus Owner's Equity

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is an example of an account that has a normal debit balance?

Accounts Payable/Ray's Office Equipment

Insurance Expense

Ray Smith, Capital

Sales

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

In the transaction RECEIVED CASH FROM OWNER AS AN INVESTMENT, the source document is a/an:

calculator tape.

check stub.

invoice.

receipt.

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