How Well Do You Know About Business Accounting?
10 Questions
| Total Attempts: 126
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Accounting is very important in all businesses, public, private or non-profit. With this test, we test your basic knowledge of the basic principles of accounting. Take the quiz and learn more!
Questions and Answers
- 1.
The U.S. government agency with authority over the financial reporting requirements of publicly traded corporations is the...- A.
AICPA
- B.
FASB
- C.
IRS
- D.
SEC
- 2.
The non-government organization that researches and develops new accounting standards is the...
- A.
AICPA
- B.
FASB
- C.
IRS
- D.
SEC
- 3.
Financial accounting is focused on the... financial statements of a company.
- A.
External
- B.
Internal
- C.
Both
- D.
Neither
- 4.
The acronym for the common rules and standards that companies must follow when preparing its external financial statements is…
- A.
AICPA
- B.
GAAP
- C.
IRS
- D.
SEC
- 5.
The personal assets of the owner of a company will not appear on the company's balance sheet because of which principle/guideline?
- A.
Cost
- B.
Economic Entity
- C.
Monetary Unit
- D.
Budget
- 6.
Which principle/guideline requires a company's balance sheet to report its land at the amount the company paid to acquire the land, even if the land could be sold today at a significantly higher amount?
- A.
Cost
- B.
Economic Entity
- C.
Monetary Unit
- D.
Budget
- 7.
A very large corporation's financial statements have the dollar amounts rounded to the nearest $1,000. Which accounting principle/guideline justifies not reporting the amounts to the penny?
- A.
Full Disclosure
- B.
Materiality
- C.
Monetary Unit
- D.
Economic Unit
- 8.
Which principle/guideline directs a company to show all the expenses related to its revenues of a specified period even if the expenses were not paid in that period?
- A.
Cost
- B.
Matching
- C.
Monetary Unit
- D.
Economic Unit
- 9.
Accrual accounting is based on this principle/guideline.
- A.
Cost
- B.
Full Disclosure
- C.
Matching
- D.
Monetary Unit
- 10.When the accountant has to choose between two acceptable alternatives, the accountant should select the alternative that will report less profit, less asset amount, or a greater liability amount. This is based upon which principle/guideline?
- A.
Conservatism
- B.
Cost
- C.
Materiality
- D.
Matching
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