A CLEP Financial Accounting Quiz

10 Questions | Total Attempts: 197

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A CLEP Financial Accounting Quiz - Quiz


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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