International Hangout Quiz

Which of these is not included as a separate item in the basic accounting equation?

• Assets

• Revenues

• Liabilities

• Stockholder's Equity

The accrual basis of accounting records revenues when they are:

• Readily available for use

• Collected

• Earned

The account format that displays debits, credits, balances, and headings:

• T-Account

• General Ledger

• General Journal

• Ledger Account

After a business transaction has occurred, journal entries are recorded in the:

• General Ledger

• Expense Account

• General Journal

• Balance sheet

Which of the following organizations is responsible for setting accounting rules and regulations?

• FASB

• IRS

• H&R Block

• AICPA

What is FASB?

• Fun Accounting Standards Board

• Financial Accounting Super Board

• Fishy Accounting Standards Board

• Financial Accounting Standards Board

An account titled Prepaid Rent would be classified as which of the following?

• Liability Account

• Asset Account

• Revenue Account

• Expense Account

The total assets and total liabilities of a firm are reported on which of the following?

• Income Statement

• Statement of cash flows

• Balance Sheet

• A piece of paper

Which form of ownership burdens owners with the greatest risk of loss of their personal assets?

• Sole Proprietorship

• Limited Partnership (LP)

• Limited Liability Partnership (LLP)

• Corporation

When is the Winter 2024 TGIF?

• March 15th

• February 9th

• January 30th

• December 1st