ACC 101 – Introduction to Accounting Quiz Package
1. What should accounting focus on most?
A) To complete tax statements.
B) To assist in making decisions by preparing financial information
C) To know if employees meet the attendance guidelines
D) Managing the marketing budget is important.
2. The equation used in accounting is:
A) Assets are made up of Liabilities plus Revenue
B) All assets come from liabilities and equity combined.
C) Assets are equal to your Revenue plus all your business’s Expenses.
D) Equity and all expenses make up the assets.
3. According to which accounting principle should one record both expenses and revenues
from the same period?
A) Matching Principle
B) Matching Transaction
C) Consistency means things should be consistent at all times.
D) Conservative Performance
4. What do the letters GAAP represent?
A) The principles of accounting generally recognized and followed by businesses.
B) General Acceptance of Accounting Methods
C) Accounting Guidelines That the Government Approves
D) General Processes for Accounting and Auditing
5. Which of them is not considered an asset?
A) Cash
B) Accounts Payable
C) Equipment
D) Inventory
6. Liabilities are:
A) The company’s ownership assets
B) The business person’s obligations
C) Business founder’s investment
D) Company’s earnings
1. What should accounting focus on most?
A) To complete tax statements.
B) To assist in making decisions by preparing financial information
C) To know if employees meet the attendance guidelines
D) Managing the marketing budget is important.
2. The equation used in accounting is:
A) Assets are made up of Liabilities plus Revenue
B) All assets come from liabilities and equity combined.
C) Assets are equal to your Revenue plus all your business’s Expenses.
D) Equity and all expenses make up the assets.
3. According to which accounting principle should one record both expenses and revenues
from the same period?
A) Matching Principle
B) Matching Transaction
C) Consistency means things should be consistent at all times.
D) Conservative Performance
4. What do the letters GAAP represent?
A) The principles of accounting generally recognized and followed by businesses.
B) General Acceptance of Accounting Methods
C) Accounting Guidelines That the Government Approves
D) General Processes for Accounting and Auditing
5. Which of them is not considered an asset?
A) Cash
B) Accounts Payable
C) Equipment
D) Inventory
6. Liabilities are:
A) The company’s ownership assets
B) The business person’s obligations
C) Business founder’s investment
D) Company’s earnings
