
1.,,,
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English
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University
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Practice Problem
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Easy
Ánh Ngọc
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a step in the accounting process?
a. Identification.
b. Economic entity.
c. Recording.
d. Communication
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements about users of account-
ing information is incorrect?
d. Regulatory authorities are internal users.
c. Present creditors are external users.
b. Taxing authorities are external users.
a. Management is an internal user.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The historical cost principle states that:
assets should be initially recorded at cost and adjusted when
the fair value changes.
activities of an entity are to 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
30 sec • 1 pt
The three types of business entities are:
proprietorships, small businesses, and partnerships.
roprietorships, partnerships, and corporations.
financial, manufacturing, and service companies.
proprietorships, partnerships, and large businesses.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Net income will result during a time period when:
assets exceed liabilities.
assets exceed revenues.
expenses exceed revenues.
revenues exceed expenses.
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
As of December 31, 2020, Stoneland AG has assets of €3,500 and equity of €2,000. What are the liabilities for Stoneland AG as of December 31, 2020?
1500
1000
2500
2000
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Performing services on account will have the following
effects on the components of the basic accounting equation:
increase assets and decrease equity.
increase assets and increase equity.
increase assets and increase liabilities.
increase liabilities and increase equity.
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