Search Header Logo

Self Tests - Set 1C1

Authored by Juvelle Grace

Business

Professional Development

Used 2+ times

Self Tests - Set 1C1
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

21 questions

Show all answers

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.

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?