Acct 2301.02 Principles Of Financial Accounting Quiz
5 Questions
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These are 5 True-False questions that were selected randomly from our mid-term exam for you to practice with.
Questions and Answers
- 1.Ethics are not important to the primary functions of accounting.
- A.
True
- B.
False
- 2.The business entity principle prescribes that a business will continue operating for an indefinite period of time.
- A.
True
- B.
False
- 3.Preparation of a trial balance is the first step in the analyzing and recording process.
- A.
True
- B.
False
- 4.Adjusting entries result in a better matching of revenues and expenses.
- A.
True
- B.
False
- 5.Adjusting entries are made after the preparation of financial statements.
- A.
True
- B.
False
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