2024-BFAR-ACCOUNTING QUIZ BOWL

Which of the following is not a core financial statement?

A. The Income Statement

B. Statement of Cash Flows

C. The Trial Balance

D. The Balance Sheet

• A

• B

• C

• D

I. The realizable value of an asset is the amount of cash or cash equivalents that would be

obtained in orderly disposal.

II. The International Accounting Standards Committee establishes uniform accounting

standards to eliminate reporting differences among nations.

A. Only statement I is true.

B. Only statement II is true.

C. Both statements are true.

D. Both statements are false.

• A

• B

• C

• D

The first step in the accounting cycle is to

A. Record transactions in a journal

B. Adjust the general ledger accounts

C. Analyze transactions from source documents

D. Post journal entries to general ledger account

• A

• B

• C

• D

An optional step in the accounting cycle is the preparation of

A. A postclosing trial balance

B. A statement of cash flows

C. Adjusting entries

D. Closing entries

• A

• B

• C

• D

A chart of accounts is

A. A journal

B. A flowchart of all transactions

C. An accounting procedure manual

D. A list of all account titles in the general ledger

• A

• B

• C

• D

Factors that shape an accounting information system include

A. Nature of business

B. Size of the entity and nature of business

C. Volume of data to be handled and size of entity

D. Nature of business, size of entity and volume of data to be handled

• A

• B

• C

• D

Which of the following is a real account?

A. Accounts receivable

B. Goodwill

C. Sales

D. Both goodwill and accounts receivable

• A

• B

• C

• D

Which of the following types of accounts measure economic flows over a period of time?

A. Contra accounts

B. Mixed accounts

C. Nominal accounts

D. Real accounts

• A

• B

• C

• D

_______ _________ means that the accounting entity is viewed as continuing in operation

indefinitely in the absence of evidence to the contrary.

(a)  

I. Valuing assets at their liquidation values rather than their cost is inconsistent with the

periodicity assumption.

II. Discontinued operation is a component of an entity that either has been disposed of or is

classified as held for sale.

A. Only statement I is true.

B. Only statement II is true.

C. Both statements are true.

D. Both statements are false.

• A

• B

• C

• D