
Chapter 1 Quiz
Quiz
•
Business
•
11th Grade
•
Practice Problem
•
Medium
Jessi Christensen
Used 1+ times
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34 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Accounting is an information and measurement system that identifies, records, and communicates an organization's business activities.
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Accounting includes the analysis and interpretation of information.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The fraud triangle shows that three factors that push a person to commit fraud are opportunity, pressure, and rationalization.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A partnership is a business owned by two or more people.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The balance sheet shows a company's net income or loss over a period of time.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The business entity assumption means that accounting information presumes that the business will continue operating instead of being closed or sold.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Revenues should not be recognized in the accounting records when earned, but rather when cash is received.
True
False
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