Accounting 1st Semester Review

Accounting 1st Semester Review

12th Grade

51 Qs

quiz-placeholder

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Accounting 1st Semester Review

Accounting 1st Semester Review

Assessment

Quiz

Business

12th Grade

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Created by

Carrie Flynn

Used 11+ times

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51 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the:
Balance Sheet
Income Statement
Statement of Cash Flows
None of These

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the:
Balance Sheet
Income Statement
Statement of Cash Flows
Cash Statement

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Under the accrual basis of accounting, revenues are reported in the accounting period when the:
Cash is Received
Service or Goods Have Been Delivered
End of the Month Has Arrived
Customer Pays

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as __________.
Assets
Liabilities
Owner Equity
Equity

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.
Assets
Liabilities
Debt
Owner Equity

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Liabilities often have the word __________ in their account title.
Assets
Payable
Paid
Equity

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Accounting entries involve a minimum of how many accounts?
One
Two
Three
Four

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