Foundation MK
Quiz
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Business
•
Professional Development
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Practice Problem
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Medium
Mohamed Elkordy
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8 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The accounting process does not include:
identification
verification
recording
communication
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
One of the following statements about users of accounting information is incorrect.
The incorrect statement is:
Management is considered an internal user
Taxing Authorities are considered external users.
Present creditors are considered external users.
Regulatory authorities are considered internal users.
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The cost principle states that:
assets should be recorded at cost and adjusted when the market value changes
activities of an entity be kept separate and distinct from its owner.
assets should be recorded at their cost.
only transaction data capable of being expressed in terms of money be included in the accounting records.
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Net income will result during a time period when:
assets exceed liabilities.
assets exceed revenues.
expenses exceed revenues.
revenues exceed expenses.
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The effects on the basic accounting equation of performing services on account are:
increase assets and decrease owner's equity.
increase assets and increase owner's equity.
increase assets and increase liabilities.
increase liabilities and increase owner's equity.
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
As of December 31, 2022, ARK company has assets of EGP 3,500 and owner's equity of EGP 2,000. What are the liabilities for ARK company as of December 31, 2022?
EGP 1,500
EGP 1,000
EGP 2,500
EGP 2,000
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
ARK company buys an EGP 900 machine on credit. This transaction will affect the:
income statement only
balance sheet only
income statement and owner's equity statement only
income statement, owner's equity statement, and balance sheet
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