Accounting I Mid-term

40 Questions

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Accounting Quizzes & Trivia

Accounting I Mid-Term for the entire First Quarter of learning


Questions and Answers
  • 1. 
    • A. 

      Things that are needed

    • B. 

      Things you wish you could have

    • C. 

      Tasks that people or machines perform

    • D. 

      Intangible Good

  • 2. 
    An intangible good is an accounting service
    • A. 

      True

    • B. 

      False

  • 3. 
    • A. 

      Accounting Service

    • B. 

      Car Repair Shop

    • C. 

      Accounting Textbook

    • D. 

      Advice for a fried

  • 4. 
    The United States of America currently employs what type of economy (Keeping in mind business and government)?
    • A. 

      Free Enterprise

    • B. 

      Mixed Economy

    • C. 

      Command Economy

    • D. 

      Market Economy

  • 5. 
    Most people have unlimited wants for goods and services
    • A. 

      True

    • B. 

      False

  • 6. 
    The accounting equation is best represented as... (all lower case)
  • 7. 
    Suppose a person wants to start an accounting business and donates $500.00 to their business, which side of the accounting equation does that $500.00 go? (Write the name of the side or sides only) (Spell it correctly)
  • 8. 
    • A. 

      The amount of money left over after a business has paid for the cost of producing its goods and services

    • B. 

      The money after investment

    • C. 

      The money deposited into the Owner's Equity account

    • D. 

      On the liabilities side of the ledger

  • 9. 
    • A. 

      Broad range of responsibilities such as making business decisions, and preparing/interpreting financial reports

    • B. 

      Organizing company retreats

    • C. 

      Making business decisions only

    • D. 

      Investing and interpreting profits only

  • 10. 
    • A. 

      Certified Public Accountant

    • B. 

      Creative Personal Attendant

    • C. 

      Cultivating Personal Adjustment

    • D. 

      Cumulative Profit Adjuster

  • 11. 
    • A. 

      Record summarizing all information pertaining to the account equation

    • B. 

      Multitude of records dating across numerous balances

    • C. 

      Company's balance sheet

  • 12. 
    • A. 

      Loan Repayments

    • B. 

      Interests on Savings

    • C. 

      Buying dishwasher detergent

    • D. 

      Providing free stock to consumer

  • 13. 
    • A. 

      Interests on savings and investments

    • B. 

      Dividend repayments

    • C. 

      Creation of Money backed system

  • 14. 
    Personal accounting is typically done within a business setting for major corporations
    • A. 

      True

    • B. 

      False

  • 15. 
    Organizational accounting involves business accounting and its subsequent expenses
    • A. 

      True

    • B. 

      False

  • 16. 
    • A. 

      Generally Accepted Awesomeness Practicality

    • B. 

      Generally Accepted Accounting Principles

    • C. 

      Great American Accounting Password

    • D. 

      Germaine Accepted Accounting Procedures

  • 17. 
    • A. 

      Balance Sheet

    • B. 

      Statement of Financial Condition

    • C. 

      Creative Accounting

    • D. 

      Accounts

  • 18. 
    • A. 

      Summary Financial Statement

    • B. 

      Balance Sheet

    • C. 

      Account Statement

    • D. 

      Accounting Period

  • 19. 
    A summary financial statement does not include a complete financial breakdown
    • A. 

      True

    • B. 

      False

  • 20. 
    • A. 

      Left

    • B. 

      Middle

    • C. 

      Right

    • D. 

      Not in the Accounting Equation

  • 21. 
    • A. 

      Left

    • B. 

      Outside the Left

    • C. 

      Right

    • D. 

      Not in the Equation

  • 22. 
    • A. 

      Anything of value that you/company/government owns

    • B. 

      Anything that creates income

    • C. 

      Anything that is owned

    • D. 

      Anything that can be converted into money

  • 23. 
    Which of the following is considered a current asset?
    • A. 

      Inventory, raw materials and cash

    • B. 

      Accounts payable

    • C. 

      Credit

  • 24. 
    Assets may be tangible or intangible items that have no physical form.
    • A. 

      True

    • B. 

      False

  • 25. 
    • A. 

      Asset that maintains a physical existence in form

    • B. 

      Asset that does not have a physical form

    • C. 

      Asset that cannot be computed in the accounting equation

    • D. 

      Asset that fails to materialize

  • 26. 
    Investments by the owner can include all of the following except...
    • A. 

      Telephones, Furniture, Buildings, Office Supplies, Cash

    • B. 

      Debt, Telephones, Furniture

    • C. 

      Buildings not owned by a company

  • 27. 
    • A. 

      Liabilities

    • B. 

      Profits

    • C. 

      Assets

    • D. 

      Loss

  • 28. 
    Most millionaires are college educated
    • A. 

      True

    • B. 

      False

  • 29. 
    Macroeconomics is considered big picture economic thinking specializing in things like GDP, National Debt
    • A. 

      True

    • B. 

      False

  • 30. 
    Making a decision based on scarcity is also called making a
  • 31. 
    Which term relates to the most highly valued alternative?
    • A. 

      Choice

    • B. 

      Opportunity Cost

    • C. 

      Scarcity

    • D. 

      Command Economy

  • 32. 
    Diminishing marginal utility is best described as...
    • A. 

      Satisfaction level decreasing each time something is done

    • B. 

      Satisfaction level increasing with each use

    • C. 

      Satisfaction level remaining stagnant or the same

  • 33. 
    Which one of the following is an example of a tangible resource?
    • A. 

      Gold

    • B. 

      Intelligence

    • C. 

      Courage

    • D. 

      Accounting Knowledge

  • 34. 
    • A. 

      Land, Labor, Capital, and Entrepreneurship

    • B. 

      Land, Resources, Money, and Accounting

    • C. 

      Resources, Money, Accounting, Entrepreneurship

    • D. 

      Creativity, Intelligence, Accounting, and Business

  • 35. 
    Labor can be considered both physical and mental as it pertains to business.
    • A. 

      True

    • B. 

      False

  • 36. 
    Which of the following is an example of capital as it pertains to accounting and business?
    • A. 

      Factories

    • B. 

      Entrepreneurship

    • C. 

      Intelligence

    • D. 

      Understanding

  • 37. 
    Entrepreneurship is a special talent that some people have for searching out and taking advantage of new business opportunities.
    • A. 

      True

    • B. 

      False

  • 38. 
    Steve Jobs (the creator of the iPad) is considered an entrepreneur.
    • A. 

      True

    • B. 

      False

  • 39. 
    • A. 

      One's first choice

    • B. 

      One's second choice

    • C. 

      A questioning personality

  • 40. 
    • A. 

      Different options one can choose from

    • B. 

      Different ideas related to accounting

    • C. 

      Creative ideas for accounting

    • D. 

      Proposals for how to run a business