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Intro to Accounting: True/False Quiz

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Accounting basics true/false quiz.

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Intro to Accounting: True/False Quiz
 

Intro to Accounting: True/False QuizOnline version

Accounting basics true/false quiz.

by Will Martyn
1

GAAP aims to produce financial information that is accurate, consistent, comparable, and transparent.

2

The Accounting Cycle ends after preparing financial statements.

3

The primary purpose of accounting is to record, classify, and summarize financial information.

4

Temporary accounts include revenue and expenses.

5

The Matching Principle requires matching expenses with related revenues.

6

Assets are increased by credits.

7

The Revenue Recognition Principle requires recognizing revenue when cash is received.

8

The step after journalizing in the cycle is posting to the ledger.

9

A corporation offers limited liability to owners.

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