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ACCT 212 WEEK 1 QUIZ 1

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ACCT 212 WEEK 1 QUIZ 1 1. (TCO 1) The type of accounting that makes projections to determine if a company should build a new store is (Points : 3) financial accounting. business accounting. mana ...

ACCT 212 WEEK 1 QUIZ 1 1. (TCO 1) The type of accounting that makes projections to determine if a company should build a new store is (Points : 3) financial accounting. business accounting. managerial accounting. projection accounting. Question 2. 2. (TCO 1) Which type of business organization transacts the most business and is the largest in terms of assets, income, and number of employees? (Points : 3) Proprietorship Partnership Limited-liability company Corporation Question 3. 3. (TCO 1) The acronym GAAP stands for (Points : 3) generally acceptable authorized pronouncements. government authorized accountant principles. generally accepted accounting principles. government audited accounting pronouncements. Question 4. 4. (TCO 1) The stable-monetary-unit assumption (Points : 3) ensures that accounting records and statements are based on the most reliable data available. holds that the entity will remain in operation for the foreseeable future. maintains that each organization or section of an organization stands apart from other organizations and individuals. enables accountants to ignore the effect of inflation in the accounting records. Question 5. 5. (TCO 1) Liabilities are (Points : 3) a form of paid-in capital. future economic benefits to which a company is entitled. debts payable to outsiders called creditors. the outflow of resources that decrease common stock. Question 6. 6. (TCO 1) The owners' equity of any business is its (Points : 3) revenues minus expenses. assets minus liabilities. assets plus liabilities. paid-in capital plus assets. Question 7. 7. (TCO 1) Net income is computed as (Points : 3) revenues - expenses - dividends. revenues + expenses. revenues - expenses. revenues - expenses + dividends. Question 8. 8. (TCO 1) Which of the following would appear on the balance sheet? (Points : 3) Assets and operating cash flows Dividends and liabilities Assets and liabilities Owners' equity and revenues Question 9. 9. (TCO 1) Which statement(s) summarizes the revenues, gains, expenses, and losses of an entity? (Points : 3) Balance sheet Statement of cash flows and income statement Statement of retained earnings and statement of operations Income statement Question 10. 10. (TCO 1) With the statement of cash flows (Points : 3) cash payments are considered positive amounts. each category of cash flows either increases or decreases cash. operating activities must increase the company's cash balance. the beginning cash balance is reconciled to the ending balance of retained earnings.

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