Accounting Quiz

Accounting provides a framework for looking at:

• Past Performance

• Current Financial Health

• Possible Future Performance

• Financial Performances of different firms

• All of the Above

._____ deals with reporting to outsiders.  _____ accounting deals with the internal operations of the firm.

• Bookkeeping; Financial Accounting

• Financial Accounting; Auditing

• Auditing; Managerial Accounting

• External Accounting; Internal Accounting

• Financial Accoutning; Managerial Accounting

A(n) _____ is a yearly document that describes a firm's financial status and usually discusses a firm’s financial activities during the past year and its prospects for the future.

• Trial Balance

• Firm Summary

• Annual Report

• Earnings Report

• Summary Report

_____ are independent accountants who serve organizations and individuals on a fee basis.

• Public Auditors

• Tax Reviewers

• Financial Strategists

• Private Accountants

• Public Accountants

Accountants employed within organizations are called:

• Public Accountants

• Public Auditors

• Private Auditors

• Private Accountants

• Tax Consultants

Things of value owned by a firm are called its:

• Intangibles

• Owners Equity

• Tangibles

• Assets

• Liabilities

Which of the following is an example of a liability that might be owned by an antique mall?

• An Expensive Chinese urn with a small crack

• The sales prices paid by customers

• Promotional Signs

• Money owed to utility companies

• Accounting and Inventory software

Another term for owners' equity is:

• Assets

• Liablities

• Net Worth

• Gross Worth

• Gross Sales

Which of the following calculations is a formal expression of the accounting equation?

• assets + liabilities = owners' equity

• assets  liabilities = retained earnings

• assets - owners' equity = liabilities

• Assets = Liabilities + Owners Equity

• assets/liabilities = owners’ equity

In accounting, every transaction must be recorded as two entries.  This system is called:

• Accounting-cycle bookkeeping

• Double-entry bookkeeping

• Dual-notation bookkeeping

• Double-decker bookkeeping

• Tandem record keeping