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Nix QE

Nix QE

Assessment

Quiz

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University

Practice Problem

Medium

Created by

Uno Yueshin

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13 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the Basic Accounting equation?

Assets = Liability + Equity

Assets = Liabilities - Equity

Assets + Liabilities = Equity

Assets - Liabilities = Equity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define the term "double-entry accounting.

Recording transactions twice

Recording transactions in two accounts

Recording transactions once

Recording transactions in one account

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Explain the difference between assets and liabilities.

Assets are debts; liabilities are possessions

Assets are what the company owns; liabilities are what it owes

Assets and liabilities are the same

Liabilities are revenues; assets are expenses

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define accrual accounting and cash accounting.

Accrual records cash transactions; cash records accrual transactions

Accrual recognizes revenues and expenses when they are incurred; cash records transactions when money changes hands

Accrual and cash accounting are the same

Cash recognizes revenues and expenses when they are incurred; accrual records transactions when money changes hands

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of Trial Balance?

To prepare financial statements

To check the arithmetic accuracy of ledger accounts

A journal and a ledger are the same

A journal is used for external reporting; a ledger is used for internal reporting

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Differentiate between revenue and capital expenditures.

Revenue expenditures increase the company's wealth; capital expenditures maintain it

Revenue expenditures are for short-term benefits; capital expenditures are for long-term benefits

Revenue expenditures decrease the company's wealth; capital expenditures increase it

Revenue expenditures and capital expenditures are the same

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Explain the accounting principle of conservatism.

Always overstate assets

Recognize expenses as soon as they are reasonably certain; recognize revenues only when realized

Always overstate revenues

Recognize revenues as soon as they are reasonably certain; recognize expenses only when realized

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