Basic Accounting #1

Basic Accounting #1

12th Grade

15 Qs

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Basic Accounting #1

Basic Accounting #1

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Easy

Created by

Joland Layos

Used 1+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

They encompass the conventions, rules, and procedures necessary to define what is accepted accounting practice.

Accounting assumptions

Accounting concepts

Conceptual frameworks

General accepted accounting principles

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following is the main aim of accounting?

To maintain ledger accounts for every asset and liability.

To provide financial information to users of such information.

To produce a trial balance

To record every financial transaction individually

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

An example of asset is:

Machinery owned by the firm.

Money owed by the firm to one of its suppliers for goods purchased.

An overdrawn bank balance

The capital of the firm.

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following is the liability of a firm?

An office building owned by the firm.

Inventories for sale stored in the warehouse.

Money which the firm has borrowed and has not yet been repaid.

Money owed to the firm by its customers.

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Identify the incorrect statements:

Assets - Liabilities = Equity

Equity - Liabilities = Assets

Assets = Equity + Liabilities

Assets - Equity = Liabilities

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Swatch is famous for fashion wristwatches. At the end of a recent year, Swatch's total assets added up to 381 million, and the owner's equity was 264 million. How much were Swatch's liabilities?

Cannot determined

381 million

117 million

264 million

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Assume that Swatch sold watches to a department store on account for 50,000. How would this transaction affect Swatch's accounting equation?

Increase both liabilities and owner's equity by 50,000

Increase both assets and liabilities by 50,000

Increase both assets and owner's equity by 50,000

No effect on the accounting equation because the effects cancel out

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