
ACCT Ch 1
Quiz
•
Business
•
10th - 12th Grade
•
Medium
Stephen Leclair
Used 2+ times
FREE Resource
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18 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Accounting is the language of business.
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A creditor would favor a positive net worth.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The principles of right and wrong that guide an individual in making personal decisions is called business ethics.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Keeping personal and business records separate is an application of the business entity concept.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Generally Accepted Accounting Principles, GAAP, allows for flexibility in reporting.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Recording business costs in terms of hours required to complete projects is an application of the unit of measurement concept.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assets such as cash and supplies have value because they can be used to acquire other assets or be used to operate a business.
True
False
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