‭ ‬introduction To Accounting

72 Questions | Total Attempts: 80

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Accounting Quizzes & Trivia

Questions and Answers
  • 1. 
    #toc,.toc,.mw-warning{border:1px solid rgb(170,170,170);background-color:rgb(249,249,249);padding:5px;font-size:95%;}#toc h2,.toc h2{display:inline;border:medium none;padding:0px;font-size:100%;font-weight:bold;}#toc #toctitle,.toc #toctitle,#toc .toctitle,.toc .toctitle{text-align:center;}#toc ul,.toc ul{list-style-type:none;list-style-image:none;margin-left:0px;padding-left:0px;text-align:left;}#toc ul ul,.toc ul ul{margin:0px 0px 0px 2em;}#toc .toctoggle,.toc .toctoggle{font-size:94%;}body{font-weight:normal;font-family:'Liberation Serif';font-style:normal;text-decoration:none;text-indent:0in;text-align:left;widows:2;font-variant:normal;color:rgb(0,0,0);font-size:12pt;}table{}td{border-collapse:collapse;text-align:left;vertical-align:top;}p,h1,h2,h3,li{color:rgb(0,0,0);font-family:'Liberation Serif';font-size:12pt;margin-left:0in;margin-right:0in;text-align:left;}.answerline{font-size:10pt;margin-left:0.2375in;text-indent:-0.2375in;} ____________ is concerned with recording the financial impacts of business processes as they  are executed
    • A. 

      Management accounting

    • B. 

      Financial accounting‭ (‬Fl‭)

    • C. 

      Controlling‭ (‬CO‭)

    • D. 

      Bank‭ ‬ledger‭ ‬accounting

    • E. 

      None of the above

  • 2. 
    #toc, .toc, .mw-warning { border: 1px solid rgb(170, 170, 170); background-color: rgb(249, 249, 249); padding: 5px; font-size: 95%; }#toc h2, .toc h2 { display: inline; border: medium none; padding: 0px; font-size: 100%; font-weight: bold; }#toc #toctitle, .toc #toctitle, #toc .toctitle, .toc .toctitle { text-align: center; }#toc ul, .toc ul { list-style-type: none; list-style-image: none; margin-left: 0px; padding-left: 0px; text-align: left; }#toc ul ul, .toc ul ul { margin: 0px 0px 0px 2em; }#toc .toctoggle, .toc .toctoggle { font-size: 94%; }body { font-weight: normal; font-family: 'Liberation Serif'; font-style: normal; text-decoration: none; text-indent: 0in; text-align: left; widows: 2; font-variant: normal; color: rgb(0, 0, 0); font-size: 12pt; }table { }td { border-collapse: collapse; text-align: left; vertical-align: top; } Which of the following is a key process in financial accounting?
    • A. 

      Sales order processing

    • B. 

      Accounts receivable accounting

    • C. 

      Credit management

    • D. 

      Income verification

    • E. 

      All of the above

  • 3. 
    #toc, .toc, .mw-warning { border: 1px solid rgb(170, 170, 170); background-color: rgb(249, 249, 249); padding: 5px; font-size: 95%; }#toc h2, .toc h2 { display: inline; border: medium none; padding: 0px; font-size: 100%; font-weight: bold; }#toc #toctitle, .toc #toctitle, #toc .toctitle, .toc .toctitle { text-align: center; }#toc ul, .toc ul { list-style-type: none; list-style-image: none; margin-left: 0px; padding-left: 0px; text-align: left; }#toc ul ul, .toc ul ul { margin: 0px 0px 0px 2em; }#toc .toctoggle, .toc .toctoggle { font-size: 94%; }body { font-weight: normal; font-family: 'Liberation Serif'; font-style: normal; text-decoration: none; text-indent: 0in; text-align: left; widows: 2; font-variant: normal; color: rgb(0, 0, 0); font-size: 12pt; }table { }td { border-collapse: collapse; text-align: left; vertical-align: top; }p, h1, h2, h3, li { color: rgb(0, 0, 0); font-family: 'Liberation Serif'; font-size: 12pt; margin-left: 0in; margin-right: 0in; text-align: left; }.answerline { font-size: 10pt; margin-left: 0.2375in; text-indent: -0.2375in; } Which process is used to manage money owed by customers for goods and services purchased from the company
    • A. 

      General ledger accounting

    • B. 

      Accounts receivable accounting

    • C. 

      Fixed asset accounting

    • D. 

      Bank ledger accounting

    • E. 

      All of the above

  • 4. 
    #toc, .toc, .mw-warning { border: 1px solid rgb(170, 170, 170); background-color: rgb(249, 249, 249); padding: 5px; font-size: 95%; }#toc h2, .toc h2 { display: inline; border: medium none; padding: 0px; font-size: 100%; font-weight: bold; }#toc #toctitle, .toc #toctitle, #toc .toctitle, .toc .toctitle { text-align: center; }#toc ul, .toc ul { list-style-type: none; list-style-image: none; margin-left: 0px; padding-left: 0px; text-align: left; }#toc ul ul, .toc ul ul { margin: 0px 0px 0px 2em; }#toc .toctoggle, .toc .toctoggle { font-size: 94%; }body { font-weight: normal; font-family: 'Liberation Serif'; font-style: normal; text-decoration: none; text-indent: 0in; text-align: left; widows: 2; font-variant: normal; color: rgb(0, 0, 0); font-size: 12pt; }table { }td { border-collapse: collapse; text-align: left; vertical-align: top; } Which process is concerned with recording data associated with bank statements?
    • A. 

      Bank ledger accounting

    • B. 

      Fixed asset accounting

    • C. 

      General ledger accounting

    • D. 

      Accounts receivable accounting

    • E. 

      None of the above

  • 5. 
    #toc, .toc, .mw-warning { border: 1px solid rgb(170, 170, 170); background-color: rgb(249, 249, 249); padding: 5px; font-size: 95%; }#toc h2, .toc h2 { display: inline; border: medium none; padding: 0px; font-size: 100%; font-weight: bold; }#toc #toctitle, .toc #toctitle, #toc .toctitle, .toc .toctitle { text-align: center; }#toc ul, .toc ul { list-style-type: none; list-style-image: none; margin-left: 0px; padding-left: 0px; text-align: left; }#toc ul ul, .toc ul ul { margin: 0px 0px 0px 2em; }#toc .toctoggle, .toc .toctoggle { font-size: 94%; }body { font-weight: normal; font-family: 'Liberation Serif'; font-style: normal; text-decoration: none; text-indent: 0in; text-align: left; widows: 2; font-variant: normal; color: rgb(0, 0, 0); font-size: 12pt; }table { }td { border-collapse: collapse; text-align: left; vertical-align: top; } ____________ are internal divisions of an enterprise that are used to define areas of responsibility or to meet the external reporting requirements of an enterprise segment.
    • A. 

      Cost centers‭

    • B. 

      Depreciation areas

    • C. 

      Business areas

    • D. 

      Sub-ledgers

    • E. 

      None of the above

  • 6. 
    #toc, .toc, .mw-warning { border: 1px solid rgb(170, 170, 170); background-color: rgb(249, 249, 249); padding: 5px; font-size: 95%; }#toc h2, .toc h2 { display: inline; border: medium none; padding: 0px; font-size: 100%; font-weight: bold; }#toc #toctitle, .toc #toctitle, #toc .toctitle, .toc .toctitle { text-align: center; }#toc ul, .toc ul { list-style-type: none; list-style-image: none; margin-left: 0px; padding-left: 0px; text-align: left; }#toc ul ul, .toc ul ul { margin: 0px 0px 0px 2em; }#toc .toctoggle, .toc .toctoggle { font-size: 94%; }body { font-weight: normal; font-family: 'Liberation Serif'; font-style: normal; text-decoration: none; text-indent: 0in; text-align: left; widows: 2; font-variant: normal; color: rgb(0, 0, 0); font-size: 12pt; }table { }td { border-collapse: collapse; text-align: left; vertical-align: top; } Which term refers to an ordered listing of accounts that comprise a company’s general ledger?
    • A. 

      General ledger

    • B. 

      Balance sheet

    • C. 

      Bank ledger

    • D. 

      Chart of accounts‭ (‬COA‭)

    • E. 

      None of the above

  • 7. 
    #toc, .toc, .mw-warning { border: 1px solid rgb(170, 170, 170); background-color: rgb(249, 249, 249); padding: 5px; font-size: 95%; }#toc h2, .toc h2 { display: inline; border: medium none; padding: 0px; font-size: 100%; font-weight: bold; }#toc #toctitle, .toc #toctitle, #toc .toctitle, .toc .toctitle { text-align: center; }#toc ul, .toc ul { list-style-type: none; list-style-image: none; margin-left: 0px; padding-left: 0px; text-align: left; }#toc ul ul, .toc ul ul { margin: 0px 0px 0px 2em; }#toc .toctoggle, .toc .toctoggle { font-size: 94%; }body { font-weight: normal; font-family: 'Liberation Serif'; font-style: normal; text-decoration: none; text-indent: 0in; text-align: left; widows: 2; font-variant: normal; color: rgb(0, 0, 0); font-size: 12pt; }table { }td { border-collapse: collapse; text-align: left; vertical-align: top; } Which term represents what a company owns, such as cash, inventory of materials, and buildings?
    • A. 

      Liabilities

    • B. 

      Equity

    • C. 

      Assets

    • D. 

      Revenues

    • E. 

      None of the above

  • 8. 
    #toc, .toc, .mw-warning { border: 1px solid rgb(170, 170, 170); background-color: rgb(249, 249, 249); padding: 5px; font-size: 95%; }#toc h2, .toc h2 { display: inline; border: medium none; padding: 0px; font-size: 100%; font-weight: bold; }#toc #toctitle, .toc #toctitle, #toc .toctitle, .toc .toctitle { text-align: center; }#toc ul, .toc ul { list-style-type: none; list-style-image: none; margin-left: 0px; padding-left: 0px; text-align: left; }#toc ul ul, .toc ul ul { margin: 0px 0px 0px 2em; }#toc .toctoggle, .toc .toctoggle { font-size: 94%; }body { font-weight: normal; font-family: 'Liberation Serif'; font-style: normal; text-decoration: none; text-indent: 0in; text-align: left; widows: 2; font-variant: normal; color: rgb(0, 0, 0); font-size: 12pt; }table { }td { border-collapse: collapse; text-align: left; vertical-align: top; } Which term represents what a company owes to others, including money owed to vendors and loans from financial institutions?
    • A. 

      Liabilities

    • B. 

      Equity

    • C. 

      Assets

    • D. 

      Revenues

    • E. 

      None of the above

  • 9. 
    #toc, .toc, .mw-warning { border: 1px solid rgb(170, 170, 170); background-color: rgb(249, 249, 249); padding: 5px; font-size: 95%; }#toc h2, .toc h2 { display: inline; border: medium none; padding: 0px; font-size: 100%; font-weight: bold; }#toc #toctitle, .toc #toctitle, #toc .toctitle, .toc .toctitle { text-align: center; }#toc ul, .toc ul { list-style-type: none; list-style-image: none; margin-left: 0px; padding-left: 0px; text-align: left; }#toc ul ul, .toc ul ul { margin: 0px 0px 0px 2em; }#toc .toctoggle, .toc .toctoggle { font-size: 94%; }body { font-weight: normal; font-family: 'Liberation Serif'; font-style: normal; text-decoration: none; text-indent: 0in; text-align: left; widows: 2; font-variant: normal; color: rgb(0, 0, 0); font-size: 12pt; }table { }td { border-collapse: collapse; text-align: left; vertical-align: top; } Which term represents the monies a company earns by selling its products and services?
    • A. 

      Liabilities

    • B. 

      Assets

    • C. 

      Expenses

    • D. 

      Revenue

    • E. 

      Equity

  • 10. 
    #toc,.toc,.mw-warning{border:1px solid rgb(170,170,170);background-color:rgb(249,249,249);padding:5px;font-size:95%;}#toc h2,.toc h2{display:inline;border:medium none;padding:0px;font-size:100%;font-weight:bold;}#toc #toctitle,.toc #toctitle,#toc .toctitle,.toc .toctitle{text-align:center;}#toc ul,.toc ul{list-style-type:none;list-style-image:none;margin-left:0px;padding-left:0px;text-align:left;}#toc ul ul,.toc ul ul{margin:0px 0px 0px 2em;}#toc .toctoggle,.toc .toctoggle{font-size:94%;}body{font-weight:normal;font-family:'Liberation Serif';font-style:normal;text-decoration:none;text-indent:0in;text-align:left;widows:2;font-variant:normal;color:rgb(0,0,0);font-size:12pt;}table{}td{border-collapse:collapse;text-align:left;vertical-align:top;} Which term represents the costs associated with creating and selling products and services?
    • A. 

      Assets

    • B. 

      Expenses

    • C. 

      Liabilities

    • D. 

      Equity

    • E. 

      None of the above

  • 11. 
    #toc,.toc,.mw-warning{border:1px solid rgb(170,170,170);background-color:rgb(249,249,249);padding:5px;font-size:95%;}#toc h2,.toc h2{display:inline;border:medium none;padding:0px;font-size:100%;font-weight:bold;}#toc #toctitle,.toc #toctitle,#toc .toctitle,.toc .toctitle{text-align:center;}#toc ul,.toc ul{list-style-type:none;list-style-image:none;margin-left:0px;padding-left:0px;text-align:left;}#toc ul ul,.toc ul ul{margin:0px 0px 0px 2em;}#toc .toctoggle,.toc .toctoggle{font-size:94%;}body{font-weight:normal;font-family:'Liberation Serif';font-style:normal;text-decoration:none;text-indent:0in;text-align:left;widows:2;font-variant:normal;color:rgb(0,0,0);font-size:12pt;}table{}td{border-collapse:collapse;text-align:left;vertical-align:top;} Which element is not a part of the typical company code data in general ledger accounts?
    • A. 

      Tax-related data

    • B. 

      Field status groups

    • C. 

      Line item display

    • D. 

      Reconciliation account data

    • E. 

      None of the above

  • 12. 
    #toc,.toc,.mw-warning{border:1px solid rgb(170,170,170);background-color:rgb(249,249,249);padding:5px;font-size:95%;}#toc h2,.toc h2{display:inline;border:medium none;padding:0px;font-size:100%;font-weight:bold;}#toc #toctitle,.toc #toctitle,#toc .toctitle,.toc .toctitle{text-align:center;}#toc ul,.toc ul{list-style-type:none;list-style-image:none;margin-left:0px;padding-left:0px;text-align:left;}#toc ul ul,.toc ul ul{margin:0px 0px 0px 2em;}#toc .toctoggle,.toc .toctoggle{font-size:94%;}body{font-weight:normal;font-family:'Liberation Serif';font-style:normal;text-decoration:none;text-indent:0in;text-align:left;widows:2;font-variant:normal;color:rgb(0,0,0);font-size:12pt;}table{}td{border-collapse:collapse;text-align:left;vertical-align:top;} Which term is a general ledger account that consolidates data from a group of related sub-ledger accounts?
    • A. 

      Subsidiary ledger

    • B. 

      Reconciliation account

    • C. 

      Line item display

    • D. 

      None of the above

  • 13. 
    #toc, .toc, .mw-warning { border: 1px solid rgb(170, 170, 170); background-color: rgb(249, 249, 249); padding: 5px; font-size: 95%; }#toc h2, .toc h2 { display: inline; border: medium none; padding: 0px; font-size: 100%; font-weight: bold; }#toc #toctitle, .toc #toctitle, #toc .toctitle, .toc .toctitle { text-align: center; }#toc ul, .toc ul { list-style-type: none; list-style-image: none; margin-left: 0px; padding-left: 0px; text-align: left; }#toc ul ul, .toc ul ul { margin: 0px 0px 0px 2em; }#toc .toctoggle, .toc .toctoggle { font-size: 94%; }body { font-weight: normal; font-family: 'Liberation Serif'; font-style: normal; text-decoration: none; text-indent: 0in; text-align: left; widows: 2; font-variant: normal; color: rgb(0, 0, 0); font-size: 12pt; }table { }td { border-collapse: collapse; text-align: left; vertical-align: top; } Which of the following records the impact of a transaction step on financial accounting?
    • A. 

      Financial accounting document

    • B. 

      Parallel accounting document

    • C. 

      Sub-ledger

    • D. 

      Subsidiary ledger

    • E. 

      None of the above

  • 14. 
    #toc, .toc, .mw-warning { border: 1px solid rgb(170, 170, 170); background-color: rgb(249, 249, 249); padding: 5px; font-size: 95%; }#toc h2, .toc h2 { display: inline; border: medium none; padding: 0px; font-size: 100%; font-weight: bold; }#toc #toctitle, .toc #toctitle, #toc .toctitle, .toc .toctitle { text-align: center; }#toc ul, .toc ul { list-style-type: none; list-style-image: none; margin-left: 0px; padding-left: 0px; text-align: left; }#toc ul ul, .toc ul ul { margin: 0px 0px 0px 2em; }#toc .toctoggle, .toc .toctoggle { font-size: 94%; }body { font-weight: normal; font-family: 'Liberation Serif'; font-style: normal; text-decoration: none; text-indent: 0in; text-align: left; widows: 2; font-variant: normal; color: rgb(0, 0, 0); font-size: 12pt; }table { }td { border-collapse: collapse; text-align: left; vertical-align: top; } Which of the following is used to implement multiple ledgers and use each ledger for different purposes?
    • A. 

      Financial accounting document

    • B. 

      Subsidiary ledger

    • C. 

      Sub-ledger

    • D. 

      Parallel Accounting

    • E. 

      None of the above

  • 15. 
    #toc, .toc, .mw-warning { border: 1px solid rgb(170, 170, 170); background-color: rgb(249, 249, 249); padding: 5px; font-size: 95%; }#toc h2, .toc h2 { display: inline; border: medium none; padding: 0px; font-size: 100%; font-weight: bold; }#toc #toctitle, .toc #toctitle, #toc .toctitle, .toc .toctitle { text-align: center; }#toc ul, .toc ul { list-style-type: none; list-style-image: none; margin-left: 0px; padding-left: 0px; text-align: left; }#toc ul ul, .toc ul ul { margin: 0px 0px 0px 2em; }#toc .toctoggle, .toc .toctoggle { font-size: 94%; }body { font-weight: normal; font-family: 'Liberation Serif'; font-style: normal; text-decoration: none; text-indent: 0in; text-align: left; widows: 2; font-variant: normal; color: rgb(0, 0, 0); font-size: 12pt; }table { }td { border-collapse: collapse; text-align: left; vertical-align: top; } Which type of asset has a physical form?
    • A. 

      Master asset

    • B. 

      Tangible asset

    • C. 

      Informal asset

    • D. 

      Intangible asset

    • E. 

      None of the above

  • 16. 
    #toc, .toc, .mw-warning { border: 1px solid rgb(170, 170, 170); background-color: rgb(249, 249, 249); padding: 5px; font-size: 95%; }#toc h2, .toc h2 { display: inline; border: medium none; padding: 0px; font-size: 100%; font-weight: bold; }#toc #toctitle, .toc #toctitle, #toc .toctitle, .toc .toctitle { text-align: center; }#toc ul, .toc ul { list-style-type: none; list-style-image: none; margin-left: 0px; padding-left: 0px; text-align: left; }#toc ul ul, .toc ul ul { margin: 0px 0px 0px 2em; }#toc .toctoggle, .toc .toctoggle { font-size: 94%; }body { font-weight: normal; font-family: 'Liberation Serif'; font-style: normal; text-decoration: none; text-indent: 0in; text-align: left; widows: 2; font-variant: normal; color: rgb(0, 0, 0); font-size: 12pt; }table { }td { border-collapse: collapse; text-align: left; vertical-align: top; } Which type of asset has a non-physical form?
    • A. 

      Master asset

    • B. 

      Tangible asset

    • C. 

      Informal asset

    • D. 

      Intangible asset

    • E. 

      None of the above

  • 17. 
    #toc, .toc, .mw-warning { border: 1px solid rgb(170, 170, 170); background-color: rgb(249, 249, 249); padding: 5px; font-size: 95%; }#toc h2, .toc h2 { display: inline; border: medium none; padding: 0px; font-size: 100%; font-weight: bold; }#toc #toctitle, .toc #toctitle, #toc .toctitle, .toc .toctitle { text-align: center; }#toc ul, .toc ul { list-style-type: none; list-style-image: none; margin-left: 0px; padding-left: 0px; text-align: left; }#toc ul ul, .toc ul ul { margin: 0px 0px 0px 2em; }#toc .toctoggle, .toc .toctoggle { font-size: 94%; }body { font-weight: normal; font-family: 'Liberation Serif'; font-style: normal; text-decoration: none; text-indent: 0in; text-align: left; widows: 2; font-variant: normal; color: rgb(0, 0, 0); font-size: 12pt; }table { }td { border-collapse: collapse; text-align: left; vertical-align: top; } Which of the following is used to report data needed to meet legal and regulatory requirements?
    • A. 

      Assets

    • B. 

      Equity

    • C. 

      Tangible‭ ‬document

    • D. 

      Financial‭ ‬statement

    • E. 

      None of the above

  • 18. 
    #toc, .toc, .mw-warning { border: 1px solid rgb(170, 170, 170); background-color: rgb(249, 249, 249); padding: 5px; font-size: 95%; }#toc h2, .toc h2 { display: inline; border: medium none; padding: 0px; font-size: 100%; font-weight: bold; }#toc #toctitle, .toc #toctitle, #toc .toctitle, .toc .toctitle { text-align: center; }#toc ul, .toc ul { list-style-type: none; list-style-image: none; margin-left: 0px; padding-left: 0px; text-align: left; }#toc ul ul, .toc ul ul { margin: 0px 0px 0px 2em; }#toc .toctoggle, .toc .toctoggle { font-size: 94%; }body { font-weight: normal; font-family: 'Liberation Serif'; font-style: normal; text-decoration: none; text-indent: 0in; text-align: left; widows: 2; font-variant: normal; color: rgb(0, 0, 0); font-size: 12pt; }table { }td { border-collapse: collapse; text-align: left; vertical-align: top; } Which of the following best describes the operative chart of accounts?
    • A. 

      Contains the operational accounts that are used to record the financial impact of an organization’s day-to-day transactions

    • B. 

      Used to enable companies to meet special country-specific reporting requirements

    • C. 

      Contains accounts that are used by multiple companies to consolidate their financial reporting

    • D. 

      Contains‭ ‬only‭ ‬accounts payable transactions

    • E. 

      Contains‭ ‬only‭ ‬accounts receivable transaction

  • 19. 
    #toc, .toc, .mw-warning { border: 1px solid rgb(170, 170, 170); background-color: rgb(249, 249, 249); padding: 5px; font-size: 95%; }#toc h2, .toc h2 { display: inline; border: medium none; padding: 0px; font-size: 100%; font-weight: bold; }#toc #toctitle, .toc #toctitle, #toc .toctitle, .toc .toctitle { text-align: center; }#toc ul, .toc ul { list-style-type: none; list-style-image: none; margin-left: 0px; padding-left: 0px; text-align: left; }#toc ul ul, .toc ul ul { margin: 0px 0px 0px 2em; }#toc .toctoggle, .toc .toctoggle { font-size: 94%; }body { font-weight: normal; font-family: 'Liberation Serif'; font-style: normal; text-decoration: none; text-indent: 0in; text-align: left; widows: 2; font-variant: normal; color: rgb(0, 0, 0); font-size: 12pt; }table { }td { border-collapse: collapse; text-align: left; vertical-align: top; } Which of the following is not a mode of acquiring an asset for a company?
    • A. 

      Acquiring internally‭ ‬via the‭ ‬production process

    • B. 

      Acquire from‭ ‬a vendor using the purchasing process

    • C. 

      Acquire from a vendor‭ ‬without using the purchasing process

    • D. 

      Selling equipment

    • E. 

      Acquiring without a vendor

  • 20. 
    #toc, .toc, .mw-warning { border: 1px solid rgb(170, 170, 170); background-color: rgb(249, 249, 249); padding: 5px; font-size: 95%; }#toc h2, .toc h2 { display: inline; border: medium none; padding: 0px; font-size: 100%; font-weight: bold; }#toc #toctitle, .toc #toctitle, #toc .toctitle, .toc .toctitle { text-align: center; }#toc ul, .toc ul { list-style-type: none; list-style-image: none; margin-left: 0px; padding-left: 0px; text-align: left; }#toc ul ul, .toc ul ul { margin: 0px 0px 0px 2em; }#toc .toctoggle, .toc .toctoggle { font-size: 94%; }body { font-weight: normal; font-family: 'Liberation Serif'; font-style: normal; text-decoration: none; text-indent: 0in; text-align: left; widows: 2; font-variant: normal; color: rgb(0, 0, 0); font-size: 12pt; }table { }td { border-collapse: collapse; text-align: left; vertical-align: top; } All of the following are transaction types that occur during the life of an asset except ___________ .
    • A. 

      Acquisition

    • B. 

      Depreciation

    • C. 

      Allocation

    • D. 

      Retirement

  • 21. 
    #toc, .toc, .mw-warning { border: 1px solid rgb(170, 170, 170); background-color: rgb(249, 249, 249); padding: 5px; font-size: 95%; }#toc h2, .toc h2 { display: inline; border: medium none; padding: 0px; font-size: 100%; font-weight: bold; }#toc #toctitle, .toc #toctitle, #toc .toctitle, .toc .toctitle { text-align: center; }#toc ul, .toc ul { list-style-type: none; list-style-image: none; margin-left: 0px; padding-left: 0px; text-align: left; }#toc ul ul, .toc ul ul { margin: 0px 0px 0px 2em; }#toc .toctoggle, .toc .toctoggle { font-size: 94%; }body { font-weight: normal; font-family: 'Liberation Serif'; font-style: normal; text-decoration: none; text-indent: 0in; text-align: left; widows: 2; font-variant: normal; color: rgb(0, 0, 0); font-size: 12pt; }table { }td { border-collapse: collapse; text-align: left; vertical-align: top; } Financial statements can be generated from which of the following?
    • A. 

      Operative COA

    • B. 

      Country-specific COA

    • C. 

      Both operative and country-specific COAs

    • D. 

      Neither operative nor country-specific COAs

  • 22. 
    #toc, .toc, .mw-warning { border: 1px solid rgb(170, 170, 170); background-color: rgb(249, 249, 249); padding: 5px; font-size: 95%; }#toc h2, .toc h2 { display: inline; border: medium none; padding: 0px; font-size: 100%; font-weight: bold; }#toc #toctitle, .toc #toctitle, #toc .toctitle, .toc .toctitle { text-align: center; }#toc ul, .toc ul { list-style-type: none; list-style-image: none; margin-left: 0px; padding-left: 0px; text-align: left; }#toc ul ul, .toc ul ul { margin: 0px 0px 0px 2em; }#toc .toctoggle, .toc .toctoggle { font-size: 94%; }body { font-weight: normal; font-family: 'Liberation Serif'; font-style: normal; text-decoration: none; text-indent: 0in; text-align: left; widows: 2; font-variant: normal; color: rgb(0, 0, 0); font-size: 12pt; }table { }td { border-collapse: collapse; text-align: left; vertical-align: top; } Balance sheet accounts are grouped into which of the following categories?
    • A. 

      Revenue

    • B. 

      Assets

    • C. 

      Liabilities

    • D. 

      Equity

    • E. 

      Expenses

  • 23. 
    #toc, .toc, .mw-warning { border: 1px solid rgb(170, 170, 170); background-color: rgb(249, 249, 249); padding: 5px; font-size: 95%; }#toc h2, .toc h2 { display: inline; border: medium none; padding: 0px; font-size: 100%; font-weight: bold; }#toc #toctitle, .toc #toctitle, #toc .toctitle, .toc .toctitle { text-align: center; }#toc ul, .toc ul { list-style-type: none; list-style-image: none; margin-left: 0px; padding-left: 0px; text-align: left; }#toc ul ul, .toc ul ul { margin: 0px 0px 0px 2em; }#toc .toctoggle, .toc .toctoggle { font-size: 94%; }body { font-weight: normal; font-family: 'Liberation Serif'; font-style: normal; text-decoration: none; text-indent: 0in; text-align: left; widows: 2; font-variant: normal; color: rgb(0, 0, 0); font-size: 12pt; }table { }td { border-collapse: collapse; text-align: left; vertical-align: top; } An organization can possess which of the following types of assets?
    • A. 

      Tangible

    • B. 

      Intangible

    • C. 

      Financial

    • D. 

      Economic

    • E. 

      Virtual

  • 24. 
    #toc, .toc, .mw-warning { border: 1px solid rgb(170, 170, 170); background-color: rgb(249, 249, 249); padding: 5px; font-size: 95%; }#toc h2, .toc h2 { display: inline; border: medium none; padding: 0px; font-size: 100%; font-weight: bold; }#toc #toctitle, .toc #toctitle, #toc .toctitle, .toc .toctitle { text-align: center; }#toc ul, .toc ul { list-style-type: none; list-style-image: none; margin-left: 0px; padding-left: 0px; text-align: left; }#toc ul ul, .toc ul ul { margin: 0px 0px 0px 2em; }#toc .toctoggle, .toc .toctoggle { font-size: 94%; }body { font-weight: normal; font-family: 'Liberation Serif'; font-style: normal; text-decoration: none; text-indent: 0in; text-align: left; widows: 2; font-variant: normal; color: rgb(0, 0, 0); font-size: 12pt; }table { }td { border-collapse: collapse; text-align: left; vertical-align: top; } Tangible assets can include which of the following?
    • A. 

      Computers

    • B. 

      Bonds

    • C. 

      Production Machinery

    • D. 

      Real Estate

    • E. 

      Mortgage

  • 25. 
    #toc, .toc, .mw-warning { border: 1px solid rgb(170, 170, 170); background-color: rgb(249, 249, 249); padding: 5px; font-size: 95%; }#toc h2, .toc h2 { display: inline; border: medium none; padding: 0px; font-size: 100%; font-weight: bold; }#toc #toctitle, .toc #toctitle, #toc .toctitle, .toc .toctitle { text-align: center; }#toc ul, .toc ul { list-style-type: none; list-style-image: none; margin-left: 0px; padding-left: 0px; text-align: left; }#toc ul ul, .toc ul ul { margin: 0px 0px 0px 2em; }#toc .toctoggle, .toc .toctoggle { font-size: 94%; }body { font-weight: normal; font-family: 'Liberation Serif'; font-style: normal; text-decoration: none; text-indent: 0in; text-align: left; widows: 2; font-variant: normal; color: rgb(0, 0, 0); font-size: 12pt; }table { }td { border-collapse: collapse; text-align: left; vertical-align: top; } What are the most common transaction types that occur during the life of an asset?
    • A. 

      Production

    • B. 

      Allocation

    • C. 

      Acquisition

    • D. 

      Depreciation

    • E. 

      Retirement‭

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