Acct 2301.02 Principles Of Financial Accounting Quiz

  • GAAP
  • IFRS
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| By JIJohnson
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Quizzes Created: 4 | Total Attempts: 7,112
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1. Ethics are not important to the primary functions of accounting.

Explanation

As I've tried to emphasize in class, ethics are critical for accounting to function properly in modern society.

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About This Quiz
Acct 2301.02 Principles Of Financial Accounting Quiz - Quiz

These are 5 True-False questions that were selected randomly from our mid-term exam for you to practice with.

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2. Adjusting entries result in a better matching of revenues and expenses.

Explanation

Truer words were never spoken. Okay, I guess maybe they were, but this statement is still right on.

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3. Adjusting entries are made after the preparation of financial statements.

Explanation

Adjusting entries are made before preparation of the financial statements.

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4. Preparation of a trial balance is the first step in the analyzing and recording process.

Explanation

Preparing a trial balance comes after the analysis of transactions, journalizing and posting of all entries.

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5. The business entity principle prescribes that a business will continue operating for an indefinite period of time.

Explanation

What is described in this question is actually the going concern principle. The business entity principle basically prescribes that a business' activities and financial information is separate from those individuals that own the business.

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Ethics are not important to the primary functions of accounting.
Adjusting entries result in a better matching of revenues and...
Adjusting entries are made after the preparation of financial...
Preparation of a trial balance is the first step in the analyzing and...
The business entity principle prescribes that a business will continue...
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