
Quiz Chapter 1
Quiz
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Arts
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University
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Practice Problem
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Easy
ZUBAIDAH MOHD ALI
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of accounting?
To report to decision makers
To summarize financial statements
To identify economic information
To record business activities
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a subfield of accounting?
Marketing Accounting
Taxation
Management Accounting
Financial Accounting
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the accounting equation state?
Assets = Liabilities + Revenue
Assets = Liabilities + Owner's Equity
Assets + Liabilities = Owner's Equity
Assets = Owner's Equity - Liabilities
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which concept states that a business will continue to operate indefinitely?
Objectivity Concept
Accrual Concept
Historical Cost Concept
Going Concern Concept
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of asset is inventory classified as?
Current Asset
Non-Current Asset
Fixed Asset
Intangible Asset
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a current liability?
Bonds payable
Account payable
Mortgage
Long-term debt
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect of buying inventory on credit?
Decrease liability and increase capital
Increase asset and increase liability
Decrease asset and increase liability
Increase asset and decrease liability
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