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Pop Quiz 1 BasAcc

Authored by Criselda Fuentes

Biology

1st - 5th Grade

Used 2+ times

Pop Quiz 1 BasAcc
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The ________ concept assumes that the business has an indefinite economic life.

accounting entity

accounting period

going concern

objectivity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not one of the three types of business activities?

Investing

Financing

Marketing

Operating

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is considered bookkeeping?

analyzing

reporting

recording

summarizing

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business which prepares financial statements every year is following the _________ concept.

accounting entity

periodicity

going concern

objectivity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which accounting concept should be considered if the owner of a business takes goods from inventory for his personal use?

accounting entity

periodicity

going concern

objectivity

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Assets are usually valued under which basis?

Replacement cost

Historical cost

Net Realizable Value

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of business organization is owned by stockholders?

Corporation

Partnership

Proprietorship

All of the above are owned by stockholders

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