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