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ACCT 2010 Exam 1 Practice Questions

Authored by Desmon Christian

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ACCT 2010 Exam 1 Practice Questions
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20 questions

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1.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

A single-step income statement includes which of the following? (Select all that apply.)

Retained Earnings

Net Income

Revenues

Liabilities

Expenses

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which group is responsible for creating the US GAAP?

The Securities and Exchange Commission (SEC)

Internal Revenue Service (IRS)

Financial Accounting Standards Board (FASB)

Internal Accounting Standards Board (IASB)

3.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Three common forms of business organizations include _____. (Select all that apply.)

Taxable Company

Corporation

Unlimited Liability

Partnership

Sole Proprietorship

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The statement of retained earnings is:

necessary only if there have been recent owner contributions

not required if the company has prepared an income statement

not required if the company has prepared a balance sheet which shows Retained Earnings

one of the 4 financial statements

not required if the company has not paid a dividend this year

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or False: The order of the heading of an income statement indicates the name of the statement first, the period of time covered, and the name of the company third.

true

false

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A corporation earns profits for its stockholders by _____. (Check all that apply.)

issuing stock to them for cash

ensuring revenues are less than expenses

providing services at more than cost

selling goods at more than their cost

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An income statement is referred to as a single-step income statement because _____.

the format separates total revenues from expenses and reports a single measure of income

the assets are reported separately from liabilities and reports a single measure of stockholders' equity

it is the first statement prepared of the 4 financial statements

it reports only one accounting period of activity

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