
Chapter 1 review
Authored by Qing Kovarik
Business
University
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Profit is the difference between
incoming cash and outgoing cash
the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services
the assets purchased with cash contributed by the owner and the cash spent to operate the business
assets and liabilities
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
An entity that is organized according to state or federal statutes and in which ownership is divided into shares of stock is a
proprietorship
partnership
corporation
governmental unit
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following is an authoritative body in the United States that has the primary responsibility for developing accounting principles?
IRS
AICPA
SEC
FASB
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The accounting equation may be expressed as
Assets = Expenses − Liabilities
Assets = Liabilities + Owner's Equity
Assets + Liabilities = Owner's Equity
Assets = Revenues − Liabilities
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is asset?
capital
accounts receivable
revenue
accounts payable
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Cash withdrawals made by the owner for personal use
decrease expenses
decrease owner's equity
increase cash
increase expenses
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following accounts is a liability?
Accounts Receivable
Service Revenue
Wages Expense
Accounts Payable
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