
Self Tests - Set 1C1
Quiz
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Business
•
Professional Development
•
Easy
Juvelle Grace
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21 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Communication consists of keeping a chronological diary of measured events in an orderly and systematic manner.
True
False
Answer explanation
Recording, not communication is being described by this statement (“What Is Accounting”).
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which of the following is not one of the major fields of the accounting profession?
Public accounting
Personal accounting
Not-for-Profit accounting
Private accounting
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which of the following financial statements is prepared as of a specific date?
Balance Sheet.
Income Statement.
Retained Earnings Statement.
Statement of Cash Flows.
Answer explanation
The income statement is a "period-of-time" statement rather than a "point-in-time" statement (“Financial Statements”).
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
The ending balances of all stockholders' equity accounts is/are shown on the
balance sheet.
retained earnings statement only.
statement of cash flows.
income statement.
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Revenues and expenses are reported on the
balance sheet.
income statement.
retained earnings statement.
statement of cash flows.
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
The investment of cash by the stockholder
increases revenues.
increases stockholders' equity.
decreases expenses.
decreases assets.
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
An example of an internal transaction is the
purchase of an asset.
payment of a liability.
performance of services.
use of office supplies.
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