What are liabilities of a company?

Things of value used by the business in its operation

How may the basic accounting equation be expressed?

Assets = Liabilities + Owner's Equity

Assets - Liabilities = Owner's Equity

Owner's equity can be described as

Ownership claim on total assets

Creditorship claim on total assets

Benefactor's claim on total assets

Which of the following techniques are not used by accountants to interpret and report financial information?

Special memos for each class of external users

Communication of economic events is the part of the accounting process that involves

quantifying transactions into dollars and cents

recording and classifying information

What is an advantage of the corporate form of business organization?

Limited liability of stockholders

Unlimited personal liability for stockholders

The basic accounting equation cannot be restated as

Assets - Liabilities = Owner's Equity

Assets - Owner's Equity = Liabilities

Owner's Equity + Liabilities = Assets

Assets + Liabilities = Owner's Equity

What does GAAP stand for?

Generally Accepted Accounting Principles

Generally Accepted Auditing Procedures

Generally Accepted Auditing Principles

Generally Accepted Accounting Procedures

An owner's permanent investment in the business

Equal to liabilities minus owner's equity

Equal to assets minus owner's equity

Equal to liabilities plus drawings

Sources of increases to owner's equity are

Additional investments by owners

Generally accepted accounting principles are

standards that indicate how to report economic events

income tax regulations of the Internal Revenue Service

theories that are based on physical laws of the universe

principles that have been proven correct by academic researchers

Preparing tax returns and engaging in tax planning is performed by

both public and private accountants

Which of the following would not be considered an internal user of accounting data for the XYZ Company?

President of the employees' labor union

The accounting process is correctly sequenced as

identification, recording, communication

identification, communication, recording

recording, communication, identification

communication, recording, identification

The first step in solving an ethical dilemma is to

recognize an ethical situation and the ethical issues involved

identify and analyze the principal elements in the situation

weigh the impact of each alternative on various stakeholders

Revenues would not result from

Initial investment of cash by owner

The process of recording transactions has become more efficient because

computers are used in processing business events

fewer events can be quantified in financial terms

more people have been hired to record business transactions

business events are recorded only at the end of the year

Which of the following events cannot be quantified into dollars and cents and recorded as an accounting transaction?

The appointment of a new CPA firm to perform an audit

The accounting process involves all of the following except

recording nonquantifiable economic events

identifying economic transactions that are relevant to the business

communicating financial information to users by preparing financial reports

analyzing and interpreting financial reports

Which list below best describes the major services performed by public accountants?

Auditing, taxation, management consulting

Employee training, auditing, bookkeeping

Cost accounting, production scheduling, recruiting

Which organization involved in developing accounting principles is the Feasible Accounting Standards Body?

Financial Accounting Standards Board

Feasible Accounting Standards Body

Financial Accounting Studies Board

Financial Auditors' Standards Body

Accounting Basics Quiz

Authored by Thu Hươnng

Mathematics

University

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OPEN ENDED QUESTION

3 mins • 1 pt

The use of computers in recording business events has made the recording process more efficient.

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OPEN ENDED QUESTION

3 mins • 1 pt

The cost of an asset and its fair market value are

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3 mins • 1 pt

What does the economic entity assumption require?

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OPEN ENDED QUESTION

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Owner's capital at the end of the period is equal to

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OPEN ENDED QUESTION

3 mins • 1 pt

A balance sheet shows

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OPEN ENDED QUESTION

3 mins • 1 pt

An income statement

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If the owner's equity account increases from the beginning of the year to the end of the year, then

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Accounting Basics Quiz

The use of computers in recording business events has made the recording process more efficient.

The cost of an asset and its fair market value are

What does the economic entity assumption require?

Owner's capital at the end of the period is equal to

A balance sheet shows

An income statement

If the owner's equity account increases from the beginning of the year to the end of the year, then

What are liabilities of a company?

The cost principle requires that when assets are acquired, they be recorded at

How may the basic accounting equation be expressed?

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