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ACCT 212 Week 1 Quiz (Updated)

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ACCT 212 Week 1 Quiz (Updated)

Question 1.

Question :

(TCO 1) Accounting

	Student Answer:		measures business activities.
			processes data into reports and communicates the data to decision makers.
			is often called the language of business.
			All of the above

Question 2.

Question :

(TCO 1) Decision makers who use accounting include

	Student Answer:		the SEC.
			investors.
			managers.
			All of the above

Question 3.

Question :

(TCO 1) The Financial Accounting Standards Board is responsible for establishing

	Student Answer:		the code of professional conduct for accountants.
			the Securities and Exchange Commission.
			generally accepted accounting principles.
			international accounting financial standards.

Question 4.

Question :

(TCO 1) Historical cost

	Student Answer:		is determined for each asset on a yearly basis.
			is equal to the amount of cash paid less the dollar value of all non-cash consideration given in the exchange.
			is a verifiable measure that is relatively free from bias.
			is the amount that the business could sell the asset for.

Question 5.

Question :

(TCO 1) Another way to state the accounting equation is

	Student Answer:		Assets = Liabilities + Paid-in Capital – Common Stock
			Assets = Liabilities + Retained Earnings
			Assets = Liabilities + Paid-in Capital + Retained Earnings
			Assets = Liabilities – Paid-in Capital – Dividends

Question 6.

Question :

(TCO 1) The major types of transactions that affect retained earnings are

	Student Answer:		paid-in capital and common stock.
			assets and liabilities.
			revenues, expenses, and dividends.
			revenues and liabilities.

Question 7.

Question :

(TCO 1) Expenses of a business include

	Student Answer:		sales and cash equivalents.
			common stock and rent.
			cost of goods sold and salaries.
			retained earnings and utilities.

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Question 8.

Question :

(TCO 1) The correct data flow from one financial statement to the next is

	Student Answer:		statement of retained earnings, income statement, balance sheet, statement of cash flows.
			balance sheet, statement of retained earnings, income statement, statement of cash flows.
			statement of retained earnings, income statement, statement of cash flows, balance sheet.
			income statement, statement of retained earnings, balance sheet, statement of cash flows.

Question 9.

Question :

(TCO 1) Which statement(s) summarizes the revenues, gains, expenses, and losses of an entity?

	Student Answer:		Balance sheet
			Statement of cash flows and income statement
			Statement of retained earnings and statement of operations
			Income statement

Question 10.

Question :

(TCO 1) Continuing negative cash flow from which of the following activities can lead to bankruptcy?

	Student Answer:		Equity activities
			Operating activities
			Financing activities
			Investing activities

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ACCT 212 Week 1 Quiz (Updated)

ACCT 212 Week 1 Quiz (Updated)

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