How Well Do You Know About Business Accounting?
10 Questions
| Total Attempts: 117
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... - ProProfs]( "The U.S. government agency with authority over the financial reporting requirements of publicly traded corporations is the...")
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... - ProProfs]( "The non-government organization that researches and develops new accounting standards is the...")
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. - ProProfs]( "Financial accounting is focused on the... financial statements of a company.")
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… - ProProfs]( "The acronym for the common rules and standards that companies must follow when preparing its external financial statements is…")
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? - ProProfs]( "The personal assets of the owner of a company will not appear on the company's balance sheet because of which principle/guideline?")
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? - ProProfs]( "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?")
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? - ProProfs]( "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 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? - ProProfs]( "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?")
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. - ProProfs]( "Accrual accounting is based on this principle/guideline.")
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
Do you have a passion to start your own successful online business but need some helping figuring which business is right for you? Then you've stumbled upon the right quiz! Take this quiz to get find out what type of online...
Questions: 7 | Attempts: 20723 | Last updated: Nov 20, 2020
-
Sample QuestionWhat are you passionate about? In other words, what do you spend most of your time doing?
There are many different types of collaborators out there. Today we’re going to ask you several questions to determine what kind of collaborator you are in a business – be it executive, socialite, or any of the other...
Questions: 108 | Attempts: 18753 | Last updated: Jul 1, 2021
Which Business Chemistry Personality Pattern You Belong To? There are different Personality Patterns, and you can either belong to Driver, systems, Pioneer- Integrator, or Guardian, all based on what you believe in and your...
Questions: 21 | Attempts: 12819 | Last updated: Apr 8, 2021
-
Sample QuestionChoose the word that best describes you.
Which U.S. City Is Suitable for Your Personality Type? Quiz!
Which U.S. City Is Suitable for Your Personality Type? Quiz!
Hunter x Hunter Nen Test: What is Your Nen Personality?
Hunter x Hunter Nen Test: What is Your Nen Personality?
Back to top