ACCT Ch 1

ACCT Ch 1

10th - 12th Grade

18 Qs

quiz-placeholder

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ACCT Ch 1

ACCT Ch 1

Assessment

Quiz

Business

10th - 12th Grade

Medium

Created by

Stephen Leclair

Used 2+ times

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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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