Accounting 101
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What is the general rule for Revenue?
Are you just beginning your journey to becoming an accredited accountant? Having being introduced to the basics on accounting and the principles governing it you now have a good foundation. Test your knowledge on accounting 101 before you move on to the next course. Remember practice makes perfect. Good luck!
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- 2.
US G.A.A.P. stands for Generally Accepted Accounting Principles
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True
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False
Correct Answer
A. True -
- 3.
What is the general rule for Equity?
Correct Answer
Credit - 4.
Which is the correct equation on the balance sheet?
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Liabilities - Equity = Assets
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Assets = Liabilities + Equity
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Assets/Liabilities = Equity
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Assets = (Liabilities)(Equity)
Correct Answer
A. Assets = Liabilities + Equity -
- 5.
What is the general rule for an Asset?
Correct Answer
Debit - 6.
The principle is the amount of money that you have borrowed and do not have to give back
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True
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False
Correct Answer
A. False -
- 7.
What is the general rule for Expense?
Correct Answer
Debit - 8.
A tangible asset is something that you can't touch.
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True
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False
Correct Answer
A. False -
- 9.
Accounts Receivable is when the customer owes you money
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True
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False
Correct Answer
A. True -
- 10.
Which of the following describes a CPA?
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Independent, hired by a company to audit financial statements
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Works for a company and audits balance sheets
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Independent, hired by a company and accounts for all purchases
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Cheapest person alive
Correct Answer
A. Independent, hired by a company to audit financial statements -
- 11.
What is the general rule for a Liability?
Correct Answer
Credit - 12.
_________ - the idea that if you are in business today, you are expected to be in business indefinetly
Correct Answer
Going Concern - 13.
Another name for Cost Principle is
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Original Cost Principle
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Cost at Purchase
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Original Price Principle
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Historical Cost Principle
Correct Answer
A. Historical Cost Principle -
- 14.
______ - independent accuracy of financial statements
Correct Answer
Audit - 15.
Liquidity is the order in which something is expected to be paid
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True
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False
Correct Answer
A. True -
- 16.
A company is required by law to pay dividends to its shareholders
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True
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False
Correct Answer
A. False -
- 17.
When doing a journal entry, what is true about credits
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Indented
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Flush with the margin
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Left side of t-chart
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Right side of t-chart
Correct Answer(s)
A. Indented
A. Right side of t-chart -
- 18.
Which of the following have the power to form US G.A.A.P.?
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S.E.C. (Securities Exchange Committee)
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C.P.A. (Certified Practicing Accountant)
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I.M.A. (Institute of Management Accounting)
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F.A.S.B. (Financial Accounting Standards Board)
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I.I.A. (Institute of Internal Auditors)
Correct Answer(s)
A. S.E.C. (Securities Exchange Committee)
A. F.A.S.B. (Financial Accounting Standards Board) -
- 19.
What are the 2 features of Notes Payable
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Signature and payment within 30 days
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Signature and intrest
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Payment within 30 days and intrest
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Signature
Correct Answer
A. Signature and intrest -
- 20.
What is the correct order of the accounting process?
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Journal transactions, execute transactions, post journal entries to the general ledger, prepare and unadjusted trial balance, prepare and record adjusting entries, adjusted trial balance, prepare financial statements
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Execute transactions, journal transactions, post journal entries to the general ledger, prepare and unadjusted trial balance, prepare and record adjusting entries, prepare financial statements, adjusted trial balance
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Execute transactions, journal transactions, post journal entries to the general ledger, prepare and unadjusted trial balance, prepare and record adjusting entries, adjusted trial balance, prepare financial statements
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Execute transactions, post journal entries to the general ledger, journal transactions, prepare and unadjusted trial balance, prepare and record adjusting entries, adjusted trial balance, prepare financial statements
Correct Answer
A. Execute transactions, journal transactions, post journal entries to the general ledger, prepare and unadjusted trial balance, prepare and record adjusting entries, adjusted trial balance, prepare financial statements -
- 21.
What comes out of retained earnings (decreases retained earnings)?
Correct Answer
Dividends - 22.
_______ - they take into account negative future cash flow
Correct Answer
Liabilities - 23.
________ - an account that is expected to be payed within 30 days
Correct Answer
Accounts payable - 24.
When doing a journal entry, what is true about debits?
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Flush with the margin
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Indented
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Left side of t-chart
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Right side of t-chart
Correct Answer(s)
A. Flush with the margin
A. Left side of t-chart -
- 25.
____________ - long set of principles, practices, methods of accounting that have gained acceptance in the US
Correct Answer(s)
us gaap - 26.
What did A.P.B. (Accounting Principle Board) develop?
Correct Answer(s)
US G.A.A.P. - 27.
An example of an intangible asset would be
Correct Answer(s)
stock, bond, brand name - 28.
______ - what the item was originally paid for
Correct Answer(s)
Cost Principle, Historical Cost Principle - 29.
_______ - they effect each other; ex: a number from one statement will match with that number on another statement
Correct Answer(s)
Articulate Financial Statements - 30.
_______ - when revenue/income is recognized when a service is provided or merchandise is sold
Correct Answer(s)
Realization Principle - 31.
_______ - Consists of policies and procedures that are good for the company
Correct Answer(s)
Internal Control
Quiz Review Timeline (Updated): Jun 27, 2018 +
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Current Version
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Jun 27, 2018Quiz Edited by
ProProfs Editorial Team -
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