Accounting Ch.'s 1-4

9 Questions

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Accounting Quizzes & Trivia

ACCOUNTING QUIZ


Questions and Answers
  • 1. 
    THE 2 ACCOUNTING CYCLES ARE ____________ AND ______________.
  • 2. 
    • A. 

      AN ECONOMIC SYSTEM THAT DEFINES THE BUSINESS ACTIVITY

    • B. 

      AN INFORMATION SYSTEM THAT REPORTS THE EMPLOYEE ACTIVITIES

    • C. 

      AN INFORMATION SYSTEM THAT REPORTS THE ECONOMIC ACTIVITY OF A BUSINESS

    • D. 

      A ONLINE WEBSITE A BUSINESS USES TO REPORT THE STOCKS OF A BUSINESS

    • E. 

      ASSETS=LIABILITY -FEES EARNED

  • 3. 
    THE 2 ACCOUNTING BASIS ARE ___________ AND ___________
  • 4. 
  • 5. 
    • A. 

      5

    • B. 

      3

    • C. 

      2

    • D. 

      4

    • E. 

      4.5

  • 6. 
    • A. 

      INCOME STMT, STMT OF CASH FLOWS, RETAINED EARNINGS STMT, AND BALANCE SHEET

    • B. 

      INCOME STMT, RETAINED EARNING STMT, STMT OF CASH FLOWS AND BALANCE SHEET

  • 7. 
    IF YOU HAVE AN ACCRUAL SYSTEM YOU HAVE TO MAKE A/AN ___________
  • 8. 
    _________ CONCEPT IS THE EXCHANGE PRICE OF WHAT YOU ACTUALLY PAY
  • 9. 
    • A. 

      ACCRUAL REVENUE, ACCRUAL EXPENSES, PREPAID EXPENSE AND UNEARNED REVENUE

    • B. 

      ACCRUAL EXPENSE, ACCRUAL REVENUE, UNEARNED REVENUE AND PREPAID EXPENSE