Navigation » List of Schools » Glendale Community College » Accounting » Accounting 101 – Financial Accounting » Spring 2021 » Chapter 1 Quiz
Below are the questions for the exam with the choices of answers:
Question #1
A Development of more complex societies.
B Exchange of goods and services among individuals.
C Maintaining records of multiple business transactions.
D Maintaining records of multiple business transactions, development of more complex societies and exchange of goods and services among individuals.
Question #2
A The amount of income earned over the company’s life minus the dividends paid to shareholders over the company’s life.
B Income earned during the current period minus dividends distributed to stockholders’ during the current period.
C The amount of income earned by the company over its life.
D Income earned during the current period.
Question #3
A A system of maintaining communication with a company’s customers and suppliers.
B Measuring a company’s business activities and communicating those measurements to external parties.
C Procedures designed to enhance the company’s image to potential investors.
D A process of measuring income taxes owed to the government.
Question #4
A Financial Accounting Standards Board (FASB).
B Securities and Exchange Commission (SEC).
C International Accounting Standards Board (IASB).
D American Institute of Certified Public Accountants (AICPA).
Question #5
A Internal reporting structure.
B Language of business.
C Mathematical system of equations.
D Tax allocation system.
Question #6
A Conceptual framework.
B Auditor’s report.
C Generally accepted rules.
D Securities and Exchange Commission.
Question #7
A Making good business decisions.
B Marketing the company’s products to customers.
C Paying the appropriate amount of taxes.
D Quality of the work environment for employees.
Question #8
A Liabilities.
B Dividends.
C Assets.
D Expenses.
Question #9
A Dividend.
B Liability.
C Expense.
D Asset.
Question #10
A Suppliers and customers.
B Investors and creditors.
C Government officials.
D Tax regulators.
E
Question #11
A
B To support the efficient distribution of society’s resources.
C To support government initiatives through taxation of company profits.
D To increase the number of customers for a company.
E To provide managers with useful information related to human resources.
Question #12
A Behavioral psychology.
B Mathematical procedure.
C Artistic presentation.
D Information measurement/communication process.
Question #13
A Business consultants.
B Auditors, Business consultants and Tax preparers/planners
C Tax preparers/planners.
D Auditors.
Question #14
A Liabilities.
B Assets.
C Stockholders’ equity.
D Revenues.
Question #15
A Business consulting.
B Evaluation of internal controls.
C Audit of financial statements.
D Tax preparation.
Question #16
A Income Statement.
B Statement of Stockholders’ Equity.
C Statement of Cash Flows.
D Balance Sheet.
Question #17
A Statement of Cash Flows.
B Balance Sheet.
C Income Statement.
D Statement of Stockholders’ Equity.
Question #18
A Faithful representation.
B Comparability.
C Predictive value.
D Consistency.
Question #19
A Management.
B Creditors.
C Auditors.
D Stockholders.
Question #20
A Geographic location.
B Total sales to customers.
C Total number of employees.
D Net income
Question #21
A Expenses.
B Liabilities.
C Assets.
D Dividends.
Question #22
A Statement of Cash Flows.
B Income Statement.
C Balance Sheet.
D Statement of Stockholders’ Equity.
Question #23
A Truthfulness, clearness.
B Relevance, truthfulness.
C Relevance, comparability.
D Relevance, faithful representation.
Question #24
A Statement of Cash Flows.
B Statement of Stockholders’ Equity.
C Income Statement.
D Balance Sheet.
Question #25
A General Accounting and Audit Principles.
B General Accounting Accountability Principles.
C Generally Accepted Auditing Principles.
D Generally Accepted Accounting Principles.
Question #26
A Cash paid for the purchase of the company’s long-term resources.
B Costs of providing products or services to customers.
C Cash paid to investors.
D Sales of products or services to customers.
Question #27
A Government-controlled companies.
B Firms that have stocks listed on an exchange.
C Professional service firms that traditionally focus on auditing and tax preparation.
D Companies that sell merchandise to customers.
Question #28
A Balance Sheet.
B Income Statement.
C Statement of Stockholders’ Equity.
D Statement of Cash Flows.
Question #29
A Assets + Liabilities = Stockholders’ Equity.
B Liabilities – Assets = Stockholders’ Equity.
C Assets = Liabilities + Stockholders’ Equity.
D Assets + Stockholders’ Equity = Liabilities.