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ACCOUNTING 1 LONG QUIZ

Authored by Mary Coronado

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University

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ACCOUNTING 1 LONG QUIZ
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35 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 2 pts

It is earned when the service is rendered not when cash is collected.

income

expenses

liability

assets

2.

MULTIPLE CHOICE QUESTION

20 sec • 2 pts

The trial balance after the closing entries.

closing trial balance

closing balance

closing the books

post-closing trial balance

3.

MULTIPLE CHOICE QUESTION

20 sec • 2 pts

A financial statement that involves only the income or revenue and the expenses.

balance sheet

statement of financial position

income statements

nominal accounts

4.

MULTIPLE CHOICE QUESTION

20 sec • 2 pts

A principle that tells that the business will never die, and it will live forever.

quitting concern principle

going concern principle

matching principle

accrual principle

5.

MULTIPLE CHOICE QUESTION

20 sec • 2 pts

A listing of all the balances of the different accounts as of a given time.

journal book

posting to ledger

trial balance

adjusted trial balance

6.

MULTIPLE CHOICE QUESTION

20 sec • 2 pts

A twelve-month period that ends when the business activities are at their lowest level of the annual cycle.

fiscal period

natural business year

calendar year

interim period

7.

MULTIPLE CHOICE QUESTION

20 sec • 2 pts

It is also called a permanent account.

nominal account

income account

real account

expense account

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