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