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Accounting Quiz 1

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Accounting Quiz 1

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ACTG 2110

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Naomi Pham
Naomi Pham
United States

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Accounting Quiz 1
 

Accounting Quiz 1Online version

ACTG 2110

by Naomi Pham
1

An information and measurement system that identifies, records, and communicates an organization's business activities.

Written answer

2

What are the 3 importances of accounting?

Choose one or more answers

3

External users are

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4

What are the 4 type of opportunities in accounting?

Written answer

5

What are the 4 types of analytics?

Written answer

6

What type of analytic summarizes and describes events from the past?

7

What type of analytic reveals causes of events from the past?

8

What type of analytic predicts likely events for the future?

9

What type of analytic creates action plans to achieve a desired future?

10

A graphical presentation of data to help people understand their significance and make informed business decisions.

Written answer

11

Financial accounting is governed by concepts and rules known as

Written answer

12

What do the GAAP want their information to have?

Choose one or more answers

13

Who sets accounting principles for U.S. companies?

14

Which accounting principle is when accounting information is based on actual cost, an objectively determined number?

15

Which accounting principle recognize revenue when goods or services are provided to customers and at an amount expected to be received from the customer?

16

Which accounting principle records the expenses incurred to generated revenue in the SAME accounting period when the revenue is recognized?

17

Which accounting principle reports the details behind financial statements that would impact users' decisions in the notes to the financial statements?

18

Which accounting assumption is when the business is presumed to continue operating instead of being closed or sold?

19

Which accounting assumption is when transactions and events are expressed in monetary, or money, units.

20

Which accounting assumption is when the life of a company can be divided into time periods, such as months and years?

21

Which type of business sells time or services?

22

Which type of business sells a physical product?

23

Which type of business makes products from raw materials that they then sell?

24

What is the accounting equation?

Written answer

25

What is the expanded accounting equation?

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