WorksheetsAccounting Test 1 Review
Total questions: 20
Worksheet time: 10mins
Which of the following correctly defines the acronym GAAP?
Generally Accrued Accounting Principles
Generally Accepted Accounting Process
Generally Advised Accounting Principles
Generally Accepted Accounting Principles
Which type of accounting is used to develop information for outside sources such as investors?
Tax accounting
External accounting
Financial accounting
Management accounting
Which of the following occurs when the amount of money earned is less than the amount of money spent?
Profit
Loss
Depreciation
Social Cost
Which of the following refers to a company’s moral duty to uphold laws and regulations?
Profit responsibility
Regulatory responsibility
Ethical responsibility
Social cost
Which of the following can be defined as an individual who owns a part of a company through stock ownership?
Auditor
Shareholder
Creditor
Tax accountant
Which of the following is NOT an asset for a boutique?
Shoe inventory
T-shirt inventory
Accounts payable
Accounts receivable
Which of the following types of information is found on an income statement?
Company assets
Company revenues
Company cash flow
Company liabilities
Under which of the following categories would land appear on a balance sheet?
Assets
Liabilities
Owner’s equity
Stockholders’ equity
Baker Landscaping received $200 in cash for mowing a 5 acre lot. Which of the following accounts is debited?
Cash
Inventory
Service revenue
Accounts receivable
The Financial Accounting Standards Board is the government agency regulating the accounting industry.
True
False
Which of the following accounts would be debited if O'Reilly's paid all employees for their work in April?
Cash
Salaries
Accounts receivable
Unearned service revenue
What is a reason to pay more than the minimum payment due on your credit statement each month?
You save money on interest
It takes more time to pay off a balance
It hurts your creditworthiness
Your credit utilization rate stays the same
Which is the best strategy for paying your credit card bill?
Make no monthly payments at all
Pay the minimum payment every month
Pay half the balance every month
Pay the entire balance every month
What is the definition of freezing your credit?
No one can use your credit cards to make a purchase
No one can open a credit card in your name
You can only use your credit cards if you notify one of the credit reporting agencies
The credit reporting company will call to check when someone tries to open a new account
What is the correct definition of capacity for potential cosigners?
The cosigner's credit history
The cosigner's financial assets, such as a house or car
The cosigner's past record of paying on time
The cosigner's current financial situation
What is the correct definition of collateral for potential cosigners?
The cosigner's credit history
The cosigner's financial assets, such as a house or car
The cosigner's past record of paying on time
The cosigner's current financial situation
What is the correct definition of character for potential cosigners?
The cosigner's current bank balance
The cosigner's financial assets, such as a house or car
The cosigner's past record of paying on time
The cosigner's current financial situation
What is the best definition of a credit report?
A number that shows a snapshot of your credit at a specific moment in time
period of time between when you spend money and when the company charges you interest
A number that shows how much of your overall credit you're using
A history of how you pay back loans and credit cards
What is the best definition of a credit score?
A period of time between when you spend money and when the company charges you interest
A number that shows a snapshot of your credit at a specific moment in time
A number that shows how much of your overall credit you're using
A history of how you pay back loans and credit cards
SMART Goals - What do each of the letters stand for?
Specific, Measurable, Attainable, Realistic, Time-based
Short, Measurable, Attainable, Realistic, Time-bound
Specific, Measurable, Adaptable, Realistic, Time-based
Specific, Measurable, Adaptable, Rewarding, Time-based
