Question 1

Creditors claims on assets that reflect obligations to transfer assets are called ________.

Accepted Answer

The answer of Creditors claims on assets that reflect obligations...

Question 2

The accounting equation is ______________________________.

Accepted Answer

The answer of The accounting equation is ______________________________....

Question 3

________________ activities involve the acquisition and disposal of resources that an organization uses to acquire and sell its products or services.

Accepted Answer

The answer of ________________ activities involve the acquisition and disposal...

Question 4

The ________________ assumption states that transactions and events are expressed in money units.

Accepted Answer

The answer of The ________________ assumption states that transactions and...

Question 5

The owner's claim on assets is called __________________.

Accepted Answer

The answer of The owner's claim on assets is called...

Question 6

The term ___________ refers to a liability that promises a future outflow of resources.

Accepted Answer

The answer of The term ___________ refers to a liability...

Question 7

Risk is the _________________ about the return an investor expects to earn.

Accepted Answer

The answer of Risk is the _________________ about the return...

Question 8

________________ activities are the means organizations use to pay for resources such as land,building,and equipment.

Accepted Answer

The answer of ________________ activities are the means organizations use...

Question 9

______________________ is the recording of financial transactions and events,either manually or electronically.

Accepted Answer

The answer of ______________________ is the recording of financial transactions...

Question 10

The ______________ assumption assumes business will continue operating indefinitely instead of being closed or sold.

Accepted Answer

The answer of The ______________ assumption assumes business will continue...

Question 11

Using the accounting equation,equity is equal to ________________________.

Accepted Answer

The answer of Using the accounting equation,equity is equal to...

Question 12

_________________ is net income divided by average total assets.

Accepted Answer

The answer of _________________ is net income divided by average...

Question 13

________________________________ reports changes in the owner's claim on the business's assets over a period of time.

Accepted Answer

The answer of ________________________________ reports changes in the owner's claim...

Question 14

In accounting,the rule that requires that assets,services,and liabilities be recorded initially at the cash or cash-equivalent value of what was given up or of the item received is called the ______________________________.

Accepted Answer

The answer of In accounting,the rule that requires that assets,services,and...

Question 15

The ____________________ describes a company's revenues and expenses over a period of time due to earnings activities.

Accepted Answer

The answer of The ____________________ describes a company's revenues and...

Question 16

Match between columns
                        Premises: Withdrawals.
Total equity.
Assets.
Revenues.
Expenses.
Cash from operating activities.
Liabilities.
Cash from investing activities.

Accepted Answer

The Answer of Statement of cash flows and Balance sheet is...

Question 17

Match between columns
                        Premises: Revenue recognition principle
Monetary unit principle
Statement of owner's equity
Accounting equation
Liabilities
Business entity principle
Expenses
Business transaction
Statement of cash flows

Accepted Answer

The Answer of The principle that assumes transactions and events is...

Question 18

Match between columns
                        Premises: Assets
Cost principle
Objectivity principle
Going-concern principle
Revenues
Net assets
Owner withdrawal
Statement of owner's equity.

Accepted Answer

The Answer of Resources owned or controlled by a company is...

Question 19

Match between columns
                        Premises: Assessing the risk and return of acquiring shares.
Monitor costs and ensure quality.
Judge the soundness of a customer before making sales on credit.
Measuring risk and return of loans.
Assessing employment opportunities.

Accepted Answer

The Answer of Employees and Production Managers and Shareholders and is...

Question 20

Match between columns
                        Premises: The uncertainty about the expected return to be earned.
The excess of revenue over expenses.
Defining the idea,goals,and actions of an organization.
Area of accounting aimed at serving external users.
A financial ratio useful in evaluating management,analyzing and forecasting profits,and planning activities.
Creditor's claims on a company's assets.
Area of accounting aimed at serving the decision making needs of internal users.
Costs of assets or services used to earn revenues.

Accepted Answer

The Answer of Return on assets and Managerial accounting and is...

Quiz 1: Accounting in Business