Acct 2301.02 Principles Of Financial Accounting Quiz

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Quizzes Created: 4 | Total Attempts: 6,999
Questions: 5 | Attempts: 1,684

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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.


Questions and Answers
  • 1. 

    Ethics are not important to the primary functions of accounting.

    • A.

      True

    • B.

      False

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

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  • 2. 

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

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    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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  • 3. 

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

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Preparing a trial balance comes after the analysis of transactions, journalizing and posting of all entries.

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  • 4. 

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

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Truer words were never spoken. Okay, I guess maybe they were, but this statement is still right on.

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  • 5. 

    Adjusting entries are made after the preparation of financial statements.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Adjusting entries are made before preparation of the financial statements.

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