International Business Accounting Quiz!

10 Questions | Total Attempts: 112

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International Business Accounting Quiz!

Business Accounting is a branch of Accounting. When talking about international business accounting, you are talking about what accounting in international businesses entails. Take this quiz to know more


Questions and Answers
  • 1. 
    What is the business activity that is defined as the planning, recording, analyzing, and interpreting of financial information?
    • A. 

      Insurance

    • B. 

      Wholesaling

    • C. 

      Accounting

    • D. 

      Manufacturing 

  • 2. 
    What is the accounting principle that states companies and owners should be accountable for separately?
    • A. 

      Business Entity Concept 

    • B. 

      Going Concern Concept

    • C. 

      Monetary Unit Assumption

    • D. 

      Periodicity Assumption

  • 3. 
    Which of the following definitions describes the marketing mix?
    • A. 

      The philosophy that all business activities should be aimed towards satisfying that consumer

    • B. 

      Product, place, promotion, and price 

    • C. 

      A promise from the seller that says that the seller will replace a product that does not perform as expected

    • D. 

      Form of promotion that determines clients needs and wants

  • 4. 
    What is the basic accounting equation?
    • A. 

      Capital = assets liability

    • B. 

      Assets = liability capital

    • C. 

      Assets = capital + liability 

    • D. 

      Liability = assets + capital

  • 5. 
    The accrual basis of accounting records revenues when they are:
    • A. 

      Collected

    • B. 

      Earned 

    • C. 

      Contracted

    • D. 

      Readily available for use

  • 6. 
    A contra asset account has what type of balance?
    • A. 

      Debit

    • B. 

      Credit 

    • C. 

      Contra

    • D. 

      All of the above

  • 7. 
    What are organizations that make money available for investments in innovative enterprises called?
    • A. 

      Venture Capitalists 

    • B. 

      Loaners

    • C. 

      Sharks

    • D. 

      Financial investors

  • 8. 
    Choose the two main characteristics of an economic resource from this list. i. It must be scarce ii. It must have utility iii. It must be capable of generating cash inflows to the entity
    • A. 

      I, ii, iii

    • B. 

      I, ii

    • C. 

      Iii

    • D. 

      I, iii

  • 9. 
     What is the statement of a firm's financial position on a particular date including assets, liabilities, and owner's equity referred to as?
    • A. 

      Balance Sheet

    • B. 

      Budget

    • C. 

      Mission Statement

    • D. 

      Retail

  • 10. 
    Which of the following is not an element of the marketing mix?
    • A. 

      Place

    • B. 

      Price

    • C. 

      Product

    • D. 

      Purpose

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