A CLEP Financial Accounting Quiz

10 Questions | By Lynn22 | Last updated: Mar 21, 2022 | Total Attempts: 197

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Questions and Answers

1.

What is the full meaning of GAAP?
- A.
  
  Generalized Accepted Accounting Principles
- B.
  
  Generally Accepted Accounting Principles
- C.
  
  German All Accounting Principle
- D.
  
  Generally Accepted Accounting Principal
2.

All financial transactions of companies are recorded by:
- A.
  
  Balance sheet
- B.
  
  Double entry
- C.
  
  Cash book
- D.
  
  Petty cashbook
3.

Double entry means:
- A.
  
  A company which has two doors
- B.
  
  Two representative of a financial state
- C.
  
  Transactions with two accounts
- D.
  
  None of the above
4.

Where are money earned recorded?
- A.
  
  Accrual basis
- B.
  
  Money inccured
- C.
  
  Cashbook
- D.
  
  Financial diary
5.

Which of these is not a financial statement?
- A.
  
  Money statement
- B.
  
  Balance sheet
- C.
  
  Stockholder's statement
- D.
  
  Income statement
6.

Which financial statement records a company's income over a range of time?
- A.
  
  Balance sheet
- B.
  
  Stockholders statement
- C.
  
  Money statement
- D.
  
  None of the above
7.

The balance sheet is divided into all except:
- A.
  
  Liabilities
- B.
  
  Expenditure
- C.
  
  Equity
- D.
  
  Assets
8.

When was the first book on double entry accounting published?
- A.
  
  1498
- B.
  
  1492
- C.
  
  1494
- D.
  
  None of the above
9.

The first book on double entry was published by:
- A.
  
  Friar Luca
- B.
  
  Luca Pacioli
- C.
  
  Johann Waters
- D.
  
  Confucius
10.

Who is regarded as the father of accounting?
- A.
  
  Luca Paciolo
- B.
  
  Frederick Luca
- C.
  
  Frian Lucas
- D.
  
  Friar Luca

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