MyQuizCreator - Free Quiz Creation for your website, MySpace profile and more!
100% Free!
Question #1: Accountants refer to an economic event as a
purchase.
sale.
transaction
change in ownership
Question #2: The basic accounting equation may be expressed as
Assets = Equities.
Assets – Liabilities = Owner's Equity.
Assets = Liabilities + Owner's Equity.
all of these.
Question #3: Liabilities
are future economic benefits.
are existing debts and obligations.
possess service potential.
are things of value used by the business in its operation.
Question #4: Owner\'s equity can be described as
creditorship claim on total assets.
ownership claim on total assets.
benefactor's claim on total assets.
debtor claim on total assets.
Question #5: Revenues are
the cost of assets consumed during the period.
gross increases in owner's equity resulting from business activities.
the cost of services used during the period.
actual or expected cash outflows.
Question #6: Expenses are
the cost of assets consumed during the period.
gross increases in owner's equity resulting from business activities.
the cost of services used during the period.
actual or expected cash outflows.
Question #7: Assets are
business debts.
business transactions.
sales.
resources owned by business.
Question #8: Net income results when
Assets > Liabilities.
Revenues = Expenses.
Revenues > Expenses.
Revenues < Expenses.
Question #9: The double-entry system requires that each transaction must be recorded
in at least two different accounts.
in two sets of books.
in a journal and in a ledger.
first as a revenue and then as an expense.
Question #10: Capital is
an owner's permanent investment in the business.
equal to liabilities minus owner's equity.
equal to assets minus owner's equity.
equal to liabilities plus drawings.
» Create your own quiz now!