Financial Accounting Quiz
20 Questions
| Attempts: 455
General Quiz on Finacial Accounting Knowledge for students at basic level. By taking this Quiz,surely you will feel somewhat better than before as you will gain some knowledge INSHA'ALLAH.
Questions and Answers
- 1.
Financial accounting is focused on the __________ financial statements of a company.
- A.
External
- B.
Internal
Correct Answer
A. External -
- 2.
Financial statements report the fair market value of a company.
- A.
True
- B.
False
Correct Answer
B. False -
- 3.
Large corporations must follow the ___________ basis of accounting..
Correct Answer
Accrual - 4.
Corporations whose stock is publicly traded must have their financial statements________ by independent certified public accountants.
Correct Answer
Audited - 5.
The U.S. government agency with authority over the financial reporting requirements of publicly traded corporations is the _______.
- A.
AICPA
- B.
FASB
- C.
IRS
- D.
SEC
Correct Answer
D. SEC -
- 6.
The non-government organization that researches and develops new accounting standards is the _______.
- A.
AICPA
- B.
FASB
- C.
IRS
- D.
SEC
Correct Answer
B. FASB -
- 7.
The acronym for the common rules and standards that companies must follow when preparing its external financial statements is ______.
Correct Answer
GAAP
GAAP's
GAAPS - 8.
SEC is the acronym for ____________ ____ ___________ _______________.
Correct Answer
Security and Exchange Commission
Security & Exchange Commission - 9.
FASB is the acronym for __________ ___________ ___________ ________.
Correct Answer
Financial Accounting Standards Board - 10.
GAAP is the acronym for _________ _________ ___________ ___________.
Correct Answer
Generally Accepted Accounting Principles - 11.
_________ entry bookkeeping will result in at least two accounts being involved in every transaction.
Correct Answer
Double - 12.
Every transaction will have one account being credited and one account being___________.
Correct Answer
Debited
Debit - 13.
The accounting equation is Assets = ___________ + Stockholders' (or Owner's) Equity.
Correct Answer
Liabilities - 14.
Matching, cost, and full disclosure are examples of the fundamental or basic accounting______________.
Correct Answer
Principles - 15.
The profitability of a company for a specified period of time is reported on the___________ statement.
Correct Answer
Income
Performance - 16.
The main components or elements of the income statement are ___________, expenses, gains, and losses.
Correct Answer
Revenues - 17.
Prepaid insurance is reported as an _________ on a company's balance sheet.
Correct Answer
Asset - 18.
The word "___________" is often in the title of liability accounts.
Correct Answer
Payable - 19.
The statement of cash flows explains the changes in cash and cash______________ during the specified time interval.
Correct Answer
Equivalents - 20.
The first section of the statement of cash flows is the ____________ activities.
Correct Answer
Operating
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Current Version
-
Feb 05, 2013Quiz Edited by
ProProfs Editorial Team -
Dec 04, 2011Quiz Created by
Zsinmakkah
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