Acct 2301.02 Principles Of Financial Accounting Quiz

5 Questions | Total Attempts: 1385

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Acct 2301.02 Principles Of Financial Accounting 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

  • 2. 
    The business entity principle prescribes that a business will continue operating for an indefinite period of time.
    • A. 

      True

    • B. 

      False

  • 3. 
    Preparation of a trial balance is the first step in the analyzing and recording process.
    • A. 

      True

    • B. 

      False

  • 4. 
    Adjusting entries result in a better matching of revenues and expenses.
    • A. 

      True

    • B. 

      False

  • 5. 
    Adjusting entries are made after the preparation of financial statements.
    • A. 

      True

    • B. 

      False